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Can small businesses manage cyber threats on their own?

An Australian Financial Review (AFR) article revealed that Australia needs an addition of 7,000 skilled cyber security specialists over the next two years. This is a result of  the soaring frequency of cyber-attacks in the past decade. Australian organisations reported a cyber-attack every 8 minutes in the 2021 financial year.

According to the Australian Cyber Security Centre (ACSC), self-reported losses from cybercrime add up to over $33 billion. As a consequence,  effective cyber security has surpassed the resources of individual organisations.

“During the pandemic, cybercrime became one of the fastest-growing and most prolific forms of crime committed against Australians. The tools and the techniques used to rob or extort Australians became more effective and more freely available than ever before”, Australian Home Affairs Minister Karen Andrews said.

“Using far-reaching Commonwealth legislation and high-end technical capabilities, the AFP’s new cybercrime centre will aggressively target cyber threats, shut them down, and bring offenders to justice”.

Home Affair has launched an $89 million centre targeting the prevention of cybercriminals from scamming, stealing, and defrauding Australians.

On top of that, Home Affairs’ plan also aims at establishing a national cybercrime forum that brings representatives from Commonwealth, state and territory justice departments, law enforcement agencies and regulators to specifically develop a national action plan tackling cybercrime.

On the other hand, organisations are looking to cloud technologies to confront key business challenges. Cloud computing is simply the delivery of computing services over the Internet – including networking, analytics, databases, and more – to offer benefits of cost, speed, global scale, productivity, performance, reliability, and most importantly security. Many cloud providers already make sure they help strengthen the users’ security posture overall and protect their data, apps, and infrastructure from potential threats.

By Lucy Ng, SBC writer

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