Intelliworx urges government to boost SME cybersecurity in budget
Intelliworx, a global managed services and cloud solutions provider, is urging the Australian Federal Government to enhance its cybersecurity support for small and medium-sized businesses (SMEs) in the upcoming budget. The Sydney-based company's plea comes in light of World Password Day, an annual event established by cybersecurity professionals in 2013 to promote good password habits and online protection. This observance takes place just before the Australian Federal Budget, heightening its relevance to the impending financial allocations.
The company suggests that an effective cybersecurity strategy for SMEs should be grounded in standardized measures like multi-factor authentication, email security, and DMARC compliance. Shane Maher, Intelliworx's Managing Director, believes these simple yet vital steps can secure traction and adherence from clients commencing their cybersecurity journey.
Intelliworx is challenging the Federal Government to broaden its engagement with SMEs regarding the national Cyber Security Strategy's implementation. Maher argues that while big businesses benefit heavily from this strategy, SMEs have experienced less traction. Failing to cater to these enterprises could lead to a substantial loss of engagement from a vital segment of the economy.
Maher's suggestions for strengthening cybersecurity also include increasing funding to the Office of the Australian Information Commissioner (OAIC). He backs the small business council's recommendation, stating it will empower the OAIC to play a bigger role in helping SMEs understand their privacy compliance requirements and deal with cyber-attacks effectively. Contrarily, Intelliworx strongly opposes the small business lobby's push for an SME exemption from the Privacy Act, arguing that it would unduly burden SMEs. Instead, Maher advocates for financial concessions for small businesses to offset the time and cost of enhancing cybersecurity practices.
Recent statistics emphasize the urgency of improving cybersecurity measures within the SME community. Microsoft, a partner of Intelliworx, reported that user password attacks escalated tenfold last year, averaging 4,000 attacks per second. The latest Cyber Threat Report by the Australian Signals Directorate also revealed that over 2000 victims incurred an average financial loss of $39,000 due to business email compromises. Furthermore, a separate report highlighted that 62% of small businesses had suffered a cybersecurity incident.
While Maher shows appreciation for the Federal Government's aim of becoming a global cybersecurity leader by decade-end, he urges for a more realistic approach. He views World Password Day as a reminder of the straightforward yet substantial improvements that can be made to most businesses' cybersecurity frameworks. Despite the increasing frequency and severity of cybersecurity attacks, Maher insists that security gains can be made by concentrating more resources on smaller companies lacking basic password protection measures. Strengthening these defences, Maher argues, will dramatically increase the baseline level of protection at a minimal overall cost.
Maher concludes that small and medium businesses, with limited capacity to recover quickly from a cybersecurity incident, are often severely or fatally impacted by such events. Therefore, he urges the Federal Government to make SMEs a priority in this year's Federal Budget to ensure the aims of the Cyber Security Strategy are achievable within the decade.
