It’s only in the clutches of an attack that acceptance and a desire for hindsight eventuates. Gravity of the situation sinks in, but it's too late. Proactive measures are the best way to divert disaster.

The announcement of the $586.9 million 2023-2030 Australian Cyber Security Strategy reflects the Federal Government's dedication to fortifying national cyber security. The Strategy embraced 17 out of the Victorian Chamber’s 24 previously-released ideas from our Cyber Security and Scams Policy Position, which is comforting for business.

Game-changing initiatives include establishing Cyber Health Clinics to give businesses personalised support, introducing a Cyber Safe Score rating system for digital devices and products, and implementing an apprenticeship training model to bolster Australia’s domestic cyber workforce.

The threat of cyber is real, and the rewards for cyber criminals are lucrative. Whether it be in ransom payments or selling of stolen data, the cyber criminals are pushing on the virtual doors and windows of Australian businesses from the comfort of their computers in other countries.

Most businesses are under-prepared for a cyber attack. Most aren’t taking the threats seriously, and most don’t have the basic protections in place.

The cost to manage a cyber attack will be significant in either dollars, time, reputation or most likely all of those factors. We have seen how it can cripple a business for weeks.

The Federal Government’s initiative is good, and money must start flowing to assist business. We must motivate business to act as prevention is the obvious defendant to an attack. Programs rolled out directly to business must help mobilise the work necessary to protect the business.

It’s everyone’s responsibility to stop cybercrime in its tracks. And while the Federal Government program is a great start, cyber criminals are well equipped to up the ante, especially with AI. It’s why it's imperative to our financial contribution compared to what other nations are putting in their cyber arsenal. Australia’s annual budget per capita for cyber security initiatives is half that of the United Kingdom and a third less than the United States.

Increased investment, coupled with robust support, education and initiatives, are needed to position us towards a future where businesses, especially small and medium enterprises, can thrive without succumbing to the ever-looming threat of cyber-attacks.

Australia is a long way from most countries, but cyber criminals aren’t bothered by transit time. This is the new crime that will hit us without warning and with lasting ramifications. The future is digital, and our cyber defences must be equal to the threat.

This article originally appeared in the Herald Sun on Saturday 25 November 2023.