Intelliworx, a global managed services and cloud solutions provider, is calling on the Australian Federal Government to increase cybersecurity support for small and medium-sized enterprises (SMEs) in the next budget. The Sydney-based company's plea comes in light of World Password Day, an annual event he founded in 2013 by cybersecurity experts to promote good password habits and online protection. The event comes just before the Australian Commonwealth Budget, making it more relevant to impending financial allocations.
The company suggests that an effective cybersecurity strategy for small and medium-sized businesses should be based on standardized measures such as multi-factor authentication, email security, and DMARC compliance. Shane Maher, managing director at Intelliworx, believes these simple but important steps can ensure traction and compliance for clients as they begin their cybersecurity journey.
Intelliworx is calling on the federal government to increase engagement with small and medium-sized businesses on implementing the National Cybersecurity Strategy. Maher argues that while large companies have benefited greatly from this strategy, small and medium-sized enterprises have not felt as much traction. Failure to address these companies could result in significant disengagement from key sectors of the economy.
Mr Maher's proposals to strengthen cyber security also include increased funding for the Australian Information Commissioner's Office (OAIC). He supported the Small Business Council's recommendations and said the OAIC could play a greater role in helping small businesses understand privacy compliance requirements and effectively respond to cyber-attacks. In contrast, Intelliworx strongly opposes efforts by the small business lobby to exempt the company from privacy laws, saying it would place an undue burden on small businesses. Instead, Maher advocates for small businesses to make financial concessions to offset the time and cost of strengthening their cybersecurity practices.
Recent statistics highlight the urgency of improving cybersecurity measures within the small business community. Microsoft, an Intelliworx partner, reported that user password attacks have increased tenfold in the last year, with an average of 4,000 attacks per second. The Australian Signals Directorate's latest Cyber Threat Report also revealed that more than 2,000 victims suffered an average financial loss of $39,000 due to business email compromises. Furthermore, another report revealed that 62% of small and medium-sized businesses have been victimized by a cybersecurity incident.
While Maher expressed appreciation for the federal government's goal of becoming the world's cybersecurity leader by the end of the decade, he called for a more pragmatic approach. He sees World Password Day as a reminder that simple and significant improvements can be made to most companies' cybersecurity frameworks. Despite the increasing frequency and severity of cybersecurity attacks, Maher argues that security can be improved by focusing more resources on small and medium-sized businesses that lack basic password protection measures. Masu. Maher argues that hardening these defenses will significantly increase the baseline level of protection while minimizing overall costs.
Maher concludes that small and medium-sized businesses with limited ability to quickly recover from cybersecurity incidents are often more severely or fatally affected by such events. He is therefore urging the federal government to make small businesses a priority in this year's federal budget to ensure the goals of the Cybersecurity Strategy are met within 10 years.
