Supporting SMBs: Australian Gov Invests 41.6M in Cyber Security Support

By Tegan Pratt | December 20, 2023

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In an era dominated by digital advancements, the Australian government has recognised the critical need to fortify the cyber security defences of small and medium-sized businesses (SMBs).

As part of the forthcoming 2023–2030 Australian Cyber Security Strategy, the Albanese government has unveiled a substantial investment of $41.6 million. This initiative, announced jointly by Minister for Home Affairs and Cyber Security Clare O’Neil and Minister for Housing, Homelessness, and Small Businesses Julie Collins, aims to bolster SMBs against cyber threats and expedite recovery in the event of breaches.

In this blog, we outline the key initiatives covered by this investment and offer insights into how it may impact SMBs, including expectations for their cyber security standards.

Key Initiatives

  1. Voluntary Cyber Health Check Program:
    • The government is allocating $7.2 million to establish a voluntary cyber health check program. This initiative allows organisations to conduct a tailored self-assessment of their cyber security maturity at no cost.
    • SMBs can evaluate the effectiveness of their cyber security practices and defences through this program, accompanied by educational materials and tools to enhance their cyber security skills.
    • Higher-risk SMBs will have access to more sophisticated, third-party assessments for a comprehensive evaluation.
  2. Small Businesses Cyber Resilience Service:
    • A significant portion of the investment, $11 million, will be dedicated to the Small Business Cyber Resilience Service. This initiative aims to empower SMBs to defend against threats, minimise damage, and recover rapidly.
    • Luke Achterstraat, Chief of the Council of Small Business Organisations Australia, lauded this move as a substantial boost for SMBs, particularly in a time where cyber security concerns are heightened.
  3. 2023-2030 Australian Cyber Security Strategy:
    • The newly introduced measures are integral components of the broader 2023–2030 Australian Cyber Security Strategy, set to be officially unveiled this week.
    • Minister O’Neil underscored the government's commitment to supporting small businesses in navigating the complex landscape of cyber security, with a focus on making a substantial difference in their preparedness and resilience.

Looking Ahead

Beyond the financial investments, the government is taking proactive steps to enhance Australia's cyber security posture. The establishment of a Cyber Incident Review Board and the introduction of a "legal safe harbour" for breached organisations demonstrate a multifaceted approach to addressing cyber threats. Minister O’Neil's vision is clear: positioning Australia as the most cyber-secure nation globally by 2030.

As cyber threats continue to evolve, the Australian government's commitment to fortifying the cyber security resilience of SMBs is a commendable stride. The infusion of funds, coupled with strategic initiatives and a comprehensive cyber security strategy, reflects a holistic approach aimed at safeguarding the backbone of the Australian economy. The government's vision of a cyber-secure nation is not only aspirational but, with these concrete measures, increasingly achievable.

How Can Diamond IT Help?

Our Business Tech Consulting team excels in aiding our clients with strategic planning, ensuring leaders adapt to swiftly evolving tech landscapes. To sustain a competitive edge in your industry, be aware of your current cyber security posture first.
Talk to Us Today on 1300 307 907 and let us assist you in being the best you can be.

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TAGS: Managed IT Services, News and General, Cyber Security,

About Tegan Pratt
Tegan Pratt

Meet Tegan, our Marketing and Communications Specialist. Tegan has studied Event Planning, Business Management and most recently completed her Masters of Marketing at the University of Newcastle. Her engaging, passionate and pragmatic approach lends itself perfectly to being an active member of our powerhouse marketing team.