On Tuesday evening, 9 May 2023, and after more than a decade, the federal Labor government delivered its first budget. Investment into cyber security was a feature and after several high-profile cyber-attacks in the past 12 months, it appears to remain at the forefront of national concern.
The decision to allocate $23.4 million towards enhancing the cyber defences of small businesses was widely regarded as an obvious and necessary step. Given the increasing frequency of cyber-attacks in recent times, this investment becomes imperative in strengthening Australia’s overall cyber security framework.
In today’s digital age, cyber security is not just a national security issue but also a huge economic consideration. The idea is that by assisting small businesses to build their resilience to cyber security attacks by training in-house cyber wardens, it will strengthen and protect our overall economy.
T4 Group recognises that our clients are well aware of the severe consequences a cyber-attack can bring, including the compromise of sensitive information, tarnishing of a company’s reputation, and, in the most extreme cases, the complete closure of a business.
We understand the crucial importance of implementing high-quality cyber security measures into our clients’ businesses. These measures are essential for safeguarding both their own operations and the sensitive information of their clients, ensuring protection against potential threats.
However, ongoing government investment in cyber security is also essential to protect our critical infrastructure and clients’ personal information, as well as defend against sophisticated cyber criminals.
The budget’s bigger picture involved the government promising $2 billion for improving Australia’s data and digital economy by upgrading and modernising outdated legacy platforms and IT systems.
Funding also includes $46.5 million to establish the Coordinator for Cyber Security to ensure that the Commonwealth’s cyber security efforts are strategic, coordinated, timely and effective.
In short, the government’s budget has invested in the future development of Australia’s IT industry and its cyber security defence framework.
However, the Government’s unsympathetic response lately to companies exposed to cyber-attacks and data breaches should remind all business owners of the reputational and financial risks associated with compromises to the security of personal information.
Remember, no company is too small!
For a confidential discussion about your company’s IT Cybersecurity and Privacy Framework, please call T4 Group on 1300 765 014.
You can also CLICK HERE to do our free questionnaire and get an instant ‘snapshot’ of the vulnerability of your company’s IT Systems.