The internet has turned into a challenge for small to midsize businesses based in Australia. In addition to the difficulty of implementing innovative technology quickly and with limited resources because of the rate of invention, they also face the same cyberthreats that affect other organizations. Then, as 60% of SMBs close following a breach, companies that are breached are likely to fail later.
This has raised concerns of the regulators.
According to a recent report by ASIC, ‘medium to large’ business firms are recently been reporting severe cyber security capabilities in comparison to other organizations, including supply chain risk management, data security, and consequence management.
In response to the aforementioned threats, the Australian government has announced an AU $20 million package to boost small businesses. An optional cyber “health check” program is being established as part of this to assist small business owners in assessing the maturity of their cyber security. A Small Business Cyber Resilience Service, which will offer a one-on-one service to assist small firms in recovering from a cyber assault, will also receive $11 million of the package.
This initiative will focus on areas where SMBs are the most vulnerable. However, small firms will also need to take it upon themselves to place a lot greater emphasis on resilience than they have been doing in the face
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