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The Australian government has announced the launch of the new Small Business Cyber Resilience Service this week.
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The new initiative will allow small business owners and staff access to free “tailored, one-on-one” assistance to help guide them through cyber incidents and threats.
The new service was launched on 22 October as a result of the 2023–2030 Australian Cyber Security Strategy and is part of the Albanese government’s $60 million investment to bolster the cyber resilience and capabilities of small businesses.
“We are enormously grateful for this investment from the federal government into cyber resilience for small businesses,” said Dr David Lacey, managing director for IDCARE, the agency running the new service.
“For the past 10 years, our team has been working with small businesses across the country after they’ve experienced a scam, identity theft or cyber incident.
“These are the people who have taken a risk and put their blood, sweat and tears into their idea, which forms the backbone of the Australian economy.
“Being able to further assist these small businesses with their cyber resilience is vitally important, and we look forward to providing tailored assistance.”
Small businesses are a majorly targeted demographic by cyber criminals due to their lack of cyber security budget and knowledge. According to Accenture’s Cost of Cybercrime Study, 43 per cent of cyber attacks targeted small businesses. Additionally, 48 per cent of small to medium businesses (SMEs) spent under $500 a year on cyber security.
Furthermore, the Australian Cyber Security Centre said that in the 2022–23 financial year, 94,000 cyber crimes were reported, with the average cost of recovering being $46,000.
“I know how critical it is for Australia’s small businesses to have the help they need to prevent and recover from cyber incidents,” said Julie Collins, Minister for Small Business.
“Cyber crimes can have devastating impacts for small businesses, with the average cost of a cyber incident around $46,000.
“That’s why it’s a pleasure to launch the Albanese Labor government’s new Small Business Cyber Resilience Service.
“This is just one way our government is helping Australia’s 2.5 million small businesses.
“The government’s Small Business Statement outlines more than $640 million in targeted supports for small businesses to ease pressure, support small businesses to grow, and level the playing field.”
