Federal government commits to $11m SMB cyber resilience package

The federal government has revealed a $11 million investment in its small business cyber resilience service to help SMBs navigate their cybersecurity challenges.

This investment is part of the forthcoming 2023-2030 Australian Cybersecurity Strategy to help support those small to medium enterprises that are more vulnerable to the impacts of cyber incidents.

The federal government has a goal to make Australia a world-leading cyber secure and resilient nation by 2030.

According to the Albanese government, it wants to empower small businesses to bolster their cybersecurity resilience and ability to bounce back quickly from a cyber attack.

A recent Australian Signals Directorate report showed a cyber attack was happening every six minutes in Australia.

The federal government said this new support will be “critical” as cyber attacks can cause serious financial and reputational damage to all businesses.

Industry consultation in the development of the Strategy heard that small and medium businesses are less likely to have the financial resources, time and expertise to invest in cybersecurity.

Another initiative launched by the federal government included a $7.2 million commitment to establish a voluntary cyber health check program will allow businesses to undertake a free, tailored self-assessment of their cybersecurity maturity.

Businesses can use this health check to determine the strength of their cyber security measures, and access educational tools and materials they need to upskill.

Small and medium businesses with higher risk exposure can access a more sophisticated, third‑party assessment to provide additional security across national supply chains.

The federal government said these new programs build on the steps they’ve taken to strengthen Australia’s privacy laws, to ensure that small businesses are less attractive targets for cyber criminals.

Clare O’Neil, minister for home affairs and cybersecurity said the federal government understands the challenges that small businesses face in the complex world of cybersecurity, but they are not on their own.

“The Australian government’s cyber security strategy will ensure the support is available to help them understand and improve their own cybersecurity,” she said.

“The strategy is underpinned by six cyber shields, with Strong businesses and citizens at the core of these shields. Uplifting the cybersecurity of our small businesses is integral to a cyber secure and resilient nation, and this dedicated support will make a huge difference in their preparedness and resilience."

Julie Colins, minister for small business said small businesses are the backbone of the Australian economy and the foundation for Australia’s digital economy, making up 97 percent of all Australian businesses.

“That’s why the Albanese Government will continue to put them at the centre of our efforts to tackle cyber security threats and help uplift their cyber capabilities to create a stronger Australia. It’s just one way we’re working to improve the resilience of Australia’s small businesses,” she said.

Industry reaction

At the time of the announcement, several technology association leaders expressed their opinion of the new strategy.

Kate Pounder, CEO at the Tech Council of Australia (TCA) said the government has worked closely with the tech sector on the development of the strategy and has taken a comprehensive approach that recognises the need to uplift our cyber capabilities across all parts of our economy and society.

“The new cybersecurity strategy is a comprehensive response to the increasing threat of cyber attacks and data breaches that will help bring Australia up to world’s best practice,” she said.

“The strategy recognises there is no silver bullet and there is no single shield that will protect us from cyber criminals – it will take a comprehensive and multi-pronged approach, underpinned by strong collaboration between the government, industry and the community.”

Chris Vein, CEO of the ACS said the federal government’s cybersecurity strategy is an “important step” in recognising the technology sector’s importance to the Australian economy and national security.

“As the professional body for the Australian technology sector, we’re pleased to see the federal government has recognised the key role our members and the wider IT workforce play in keeping the nation secure and prosperous,” he said.

“With the sector touching every corner of society, it’s critical our systems are safe and secure so that every Australian can be confident their data is protected and their connectivity is reliable.”