Cybercrime is here, and it’s real – and most small business owners are not adequately prepared or aware of the threat.

  In the 2016/2017 financial year 47,000 reports of Cybercrime were made. It is conservatively estimated that the financial cost to Australians is more than $1 Billion each year. In response to the threat that Cybercrime poses for business owners the Australian Federal Government has recently implemented a plan to reduce the impact of Cybercrime. A new National Plan to Combat Cybercrime, sees collaboration between government and industry to boost the security of “Internet of Things” devices, and work on reducing supply chain risks to government IT systems. Prime Minister Malcolm Turnbull recently announced the release of the government’s first annual update to its cyber security strategy.   The document states; “Since the launch of the Cyber Security Strategy we have seen a rapid growth in interest, energy and focus across the cyber security sector”. Turnbull launched the strategy in April 2016, outlining 33 cyber security initiatives worth $231.1 million. The update states the government will accelerate the rollout of the Joint Cyber Security Centre program. The first centre was launched in Brisbane earlier this year. Later this year additional centres will launch in Melbourne, Sydney and Perth. An Adelaide centre will launch in the first half of next year. “The #Censusfail of 2016 afforded Government an opportunity to look introspectively at how cyber security is implemented,” the update states.   Our government knows first-hand of the damage that cyber criminals can inflict, but small business owners have been slow to appreciate the danger and reluctant to respond to the threat. Did you know that there is a cyber crime reporting process available to all Australians? Go to www.acorn.gov.au to see more. ACORN stands for Australian Cybercrime Online Reporting Network. Most of us probably think that we need to spend more money on security, and the thought of spending more (for no extra revenue) isn’t very pleasant – so we tend to leave it until something happens. Don’t leave it until it’s too late. The necessary protection may not cost much at all, and the damage inflicted by a cyber attack could be catastrophic.   What can small business owners do? There are four things that we can do: 1.    Don’t ignore the threat 2.    Go to www.staysmartonline.gov.au and www.acorn.gov.au 3.    Investigate taking out Cybercrime insurance 4.    Have an IT specialist conduct an audit on your systems and your protection   Don’t leave it until it’s too late. Many business owner will – don’t be one of them. Useful Link: Offensive Cyber Capability to Fight Cyber Criminals https://www.pm.gov.au/media/2017-06-30/offensive-cyber-capability-fight-cyber-criminals/   Bruce Coudrey. Principal of Benchmark Business Sales & Valuations.