Cyberattacks and online scams are a growing threat to Australian business. In 2022, the average cost of cybercrimes to businesses jumped 14 per cent year-on-year, with medium businesses suffering the highest cost at $88,000 per year.

Facing a growing security risk, the Australian Government stated an ambition to become the most cyber secure nation by 2030.

The Australian Securities and Investments Commission (ASIC) even recently warned that businesses which don’t make cybersecurity a priority could be exposed to “potential enforcement action by ASIC based on the directors not acting with reasonable care and diligence”.

A recent Victorian Chamber member survey revealed that 74 per cent of businesses are confident in their cyber defences, however this conflicts with industry knowledge that businesses are unaware of the high probability that they will, at some point, suffer a cyberattack. When asked, 73 per cent would also be more inclined to strengthen their data security with government support.

To support this outcome, the Victorian Chamber in-house cyber and policy experts have consulted extensively with small, medium and family businesses, telcos, tech giants, social media platforms, health providers, education institutions, banks and other critical infrastructure to devise our Cyber Security and Scams Policy Position. It contains 24 ‘game-changers’ to help the Government’s plan to become the most cyber secure nation.

Our top three game-changers include:

• Cyber Health Clinics: Establish industry-led cyber health clinics to provide local, face-to-face solutions to uplift business cyber security with trust.
• Cyber Safe Score: Establish a Cyber Safe Score that rates the level of cyber security maturity of businesses and any of their commercial products and services to boost competitiveness and secure supply chains.
• Apprenticeship training model: Adopt a cyber security apprenticeship training model to give students the practical work experience they need to directly enter the workforce.

The policy position also advocates for the Government to implement bold cyber policies, educational institutions to develop cyber security apprenticeships with extensive practical work experience, financial institutions to invest in more secure technologies, and digital devices and software to be secure by default.

Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra said: “In today’s rapidly evolving digital landscape, it is imperative that governments and businesses prioritise cyber security. As we navigate an increasingly technology-driven world, our reliance on interconnected systems and data sharing has reached unprecedented levels.

“Our policy position is not just a set of guidelines; it’s a first-of-its-kind, comprehensive and strategic framework that underscores the significance of safeguarding our digital landscape and the very foundation of our economy. Supply chain cyber risk is increasing, and a breach in one business - however small - can have significant ripple effects.

“It is incumbent upon governments and businesses to not only adopt but champion these cyber security principles. The vision is clear - Australia must aspire to become the most cyber secure nation in the world by 2030. To achieve this ambitious goal, collaboration between the government and the business community is paramount.

“We stand ready to work with governments, businesses, and all stakeholders to ensure that our policy position translates into concrete actions.

“Our objective is to make it easy for small, medium and family businesses to increase their cyber security.”

To see how Australia can become the most cybersecure nation by 2030, visit the full list of game-changers.

Cyber resources for business

The support the Cyber Security and Scams Policy Position, the Victorian Chamber has devised practical steps for businesses to strengthen their accounts. These include:

1. Find a reputable IT service provider to help you set up and protect your digital devices
2. Turn on multifactor authentication (MFA) on all your online services, such as social media, financial, email and business accounts
3. Set up PayID on your banking app and encourage suppliers to support payment through PayID. In addition, remove your BSB & Account Number from your invoices
4. Set up auto-updates on any Windows or Mac devices including iPhones & Androids
5. Back up your data into a separate Cloud solution
6. Set up advanced email protection on your email accounts. You may need to purchase this from your email provider
7. Set up firewalls to stop cybercriminals from coming into your network. Ask your IT service provider to help you with this
8. Ensure your anti-virus (now commonly referred to as endpoint protection) software remains active. Windows Defender for Windows and XProtect for Macs should be already installed
9. Create a cyber awareness program for all your staff.

Businesses can also learn the essential skills needed to protect themselves, employees and customers with the Victorian Chamber’s self-paced Cyber Security Essentials for Business training course.

The Victorian Chamber’s full cyber hub, including our Cyber Security and Scams Policy Position, Cyber Security Checklist, and Self-paced Learning, is available via www.victorianchamber.com.au/cyber