In releasing their Cyber Security Strategy, the Federal Government announced it will spend $230m over the next four years to develop Australia’s capability to deny persistent and increasingly sophisticated cyber-attacks.

This follows the global trend for enhanced cyber security launched by the USA and most recently reinforced by the European Union.

Mr Turnbull will also appoint a cybersecurity assistant minister, a special adviser in the Prime Minister’s department, and a Cyber Ambassador.

The strategy is “a roadmap as to how we will keep Australia safe and competitive in an increasingly digital world,” the Prime Minister said.

As leading advisors to mid-size business Grant Thornton Australia applauds the Turnbull government for the investment in boosting Australia’s cyber defences. 

What’s in it for mid-size business?

The strategy includes grants available for small business to improve cyber security.  While light on detail at this stage, this initiative is certain to drive a number of positive outcomes for Australian small businesses including:

  • access to accredited cyber security experts, helping them take responsibility for the security of their own networks
  • a better understanding of their potential cyber security vulnerabilities and where to find trusted cyber security advice
  • being more fully informed of the knowledge they need to make considered cyber security investments to protect their business over the long term
  • an increase in trust – on the part of both large and small businesses – in the connections they have with each other
  • the acceptance of mid-size business as increasingly trustworthy partners in the global marketplace, able to match international security standards

Most importantly, mid-size business will have an increased capacity to respond to a sophisticated threat confronting all business in Australia and globally.  From our experience we know this sector finds cyber security challenging and overly complex, leaving organisations exposed and prone to attack.  Recent Grant Thornton research puts the cost of cyber breaches at $300bn USD per annum.  In reality, any organisation connected to the internet is vulnerable, putting at risk its commercial viability, personal and commercial information and reputation. 

Cyber security affects all Australians and there is much to be done to ensure Australia’s cyber resilience.  The Turnbull government Cyber Security Strategy is a strong step in the right direction.

For more information read our article, How to be Cyber Secure.