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The new cybersecurity funding: what it means for your SME

In a significant step towards safeguarding the nation’s digital infrastructure, the Australian government has unveiled its long-awaited $586.9 million National Cyber Security Strategy. This comprehensive plan outlines a range of initiatives aimed at enhancing the cyber resilience of Australian businesses, particularly small and medium-sized enterprises (SMBs), which are often disproportionately targeted by cyberattacks.

Strengthening Industry-Government Collaboration

Industry experts applaud the strategy’s emphasis on fostering stronger collaboration between the government and the private sector. As David Hayes, Regional Director ANZ at Arctic Wolf, points out, “Sharing threat intelligence in real-time is crucial in staying ahead of malicious actors.” This collaborative approach will enable the security community to anticipate and effectively counter emerging cyber threats.

Tackling the Culture of Concealment

The strategy also addresses the pervasive culture of concealing cyberattacks within organizations. Mark Thomas, Director of Arctic Wolf Security Services, ANZ, highlights the alarming statistic that “a quarter of ANZ organizations knowingly concealed a cyberattack to avoid reputational damages.” This culture of silence hinders effective response and recovery efforts. The government’s efforts to promote transparency and collaboration are essential in addressing this issue.


Supporting SMBs

SMBs, the backbone of the Australian economy, face unique challenges in cybersecurity. The strategy’s $18.2 million funding package for SMBs is a welcome step towards bolstering their cyber resilience. This funding will support initiatives such as the cyber health-check program, which will provide SMBs with tailored assessments of their cybersecurity posture.

Measuring Cyber Maturity

The strategy also emphasizes the importance of measuring cyber maturity. Robert Le Busque, Regional Vice President, Asia Pacific, at Verizon Business, underscores the significance of this aspect, stating, “Measuring cyber maturity is essential to efficiently managing business risk.” By understanding their cyber maturity levels, businesses can effectively allocate resources and implement appropriate security measures.

Addressing Ransomware Threats

Ransomware attacks continue to pose a significant threat to Australian businesses. Verizon’s Data Breach Investigations Report (DBIR) reveals that the cost per ransomware incident has doubled over the past two years. The strategy’s focus on combating ransomware is crucial in mitigating this growing threat.

Embracing Resilience and Collaboration


In today’s interconnected world, resilience is paramount. As Robert Le Busque aptly states, “When it comes to digital resilience and ensuring Australia’s survival within this region (and the world), we need to acknowledge our dependence on increasingly distributed and public networks.” The strategy’s emphasis on building true resilience and fostering collaboration is essential in safeguarding Australia’s digital future.


The Australian government’s $586.9 million National Cyber Security Strategy is a significant step towards protecting the nation’s digital infrastructure and businesses. By fostering industry-government collaboration, addressing the culture of concealment, supporting SMBs, measuring cyber maturity, combating ransomware threats, and embracing resilience and collaboration, the strategy lays a solid foundation for a more secure and prosperous digital future for Australia.


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