NAB: Only 15 percent of SMEs hold scam training

NAB has created a free cyber assessment tool as it finds only 15 percent of SMEs hold wide-ranging scams and cyber risk training. 

The major bank launched the tool in an effort to assist all Australian businesses better prepare and recover from a cyberattack.

Through the tool, information provided by participants about their security, data and IT environment, is turned into tailored advice on how to improve cybersecurity for their business.

The free, self-assessment tool was developed in partnership with Microsoft and takes roughly under two hours to complete.

Laura Hartley, NAB advisory and awareness manager told Digital Nation, “A lot of smaller businesses lack the skills or understanding of where to start with cyber security.”

“The small business sector is incredibly resilient but they are still one of the most vulnerable communities to cyber-attack as they face increasing costs of goods, ongoing labour shortages and rising rates of cybercrime,” Hartley said.

Hartley said NAB’s research shows that small businesses feel they are ill-prepared in the face of cyber-attacks.

“Only 15 percent of SMEs in Australia conduct extensive training around scams and other cyber risks, while only 4 in 10 felt that they were vigilant around their cyber security,” Hartley said.

“The average cost per cybercrime reported for a small business increased to $46,000 in 2023. That’s a significant amount for any business and that’s why we’re taking action.

Hartley said, “Initiatives like these help small businesses with simple and practical tips that can be enough to protect them from the majority of cybercrime.”

“What makes these programs effective is that they are industry-driven and built and delivered by organisations that know cyber security and deeply understand the needs of the small business sector.”

Sandro Bucchianeri, NAB chief security officer said the tool can assist small businesses determine their cyber maturity and better-informed security choices.

“Last financial year, a cybercrime was reported every six minutes and cost small to medium businesses an average of $71,600, according to the latest research by the Australian Signals Directorate, with incidents surging 23 percent,” Bucchianeri said.

“As we’ve seen over recent weeks, cybercriminals are stepping up their tactics, targeting high profile Australian businesses on a near-daily basis, impacting everyone from our hospital system, legal system and business community.”

Bucchianeri added there is an increase in phishing scams and ransomware “which all continue to be among the top cyber threats that NAB customers report, as well as issues we see across the industry”.

“Roughly 97 percent of all Australian businesses are small businesses so they need to be our number one priority to achieving national cyber resilience,” Bucchianeri said.