Federal Budget encouraging cyber investments and trainings among SMEs

small budget, tech, cyber

As part of the upcoming Federal Budget, the Federal government introduced some key incentives that will enable businesses to invest in digital technology, cyber security and staff training.

According to Business Australia, the measures are much welcome as they would be of benefit especially to SMEs, most of who have fallen victim to cybercrime.

‚ÄúSmall businesses are easy targets for cybercriminals. Cybercriminals are savvy, they know SMEs have less resources, time and budget to protect themselves, unlike bigger companies with sophisticated security systems,” said Business Australia General Manager Products Phil Parisis.

As an example, Parisis cited Business Australia’s own Business Australia Cyber which has attracted the attention of many small businesses that want to learn how to manage their cyber security.

Some key points from Budget 2022 in relation to Cyber security training for SMEs include the following:

  • Digital adoption: SMEs with an aggregated annual turnover of less than $50 million will be able to deduct an additional 20 per cent of the cost incurred on adopting digital technology, including cloud services and cyber security systems.
  • Upskilling: Businesses are granted a $120 tax break for every $100 spent on training, provided that the courses are taught to employees in Australia or online and delivered by training entities registered in Australia.

A recent study noted that nearly half (47 per cent) are having supply chain interruptions, two in five (41 per cent) reporting decreased revenue and 18 per cent reported extreme shortages in staff. It is hoped that the measures introduced in the Federal Budget will help alleviate these issues and help them in their post-COVID recovery and growth.