Grants to help small businesses detect cyber risk
In response to the growing threat of cyber risk for businesses, the Australian Government has established The Cyber Security Small Business Program.
Targeting vulnerable small businesses with less than 20 employees, the program aims to improve Cyber Security by providing grants of up to $2,100 toward cyber security testing by an approved provider.
Aaron Paap, Head of Network Security at Coverforce commented, "Provided grant recipients can cope with the cost and time involved in carrying out recommendations for improvement, expert testing can really help to improve resistance to a cyber-attack".
With the provider panel currently being established, grant applications are expected to be open later this year. You can register for grant updates at the business.gov.au website.
While the program is a welcome initiative, we recommend businesses of all sizes should be working toward reducing their exposure to a cyber-attack and the severity of loss following a successful cyber-attack.
Some key steps businesses can take include:
- Enable 2 Factor Authentication (2FA) on all devices and online accounts that you use
- Performing regular data back-ups (3 sets of backups, 2 different mediums (hard drives/ tapes) one offsite with regular testing
- Ensure your Antivirus & Malware protection is up to date
- Create a Cyber Security Policy and educate staff
- Creating a Cyber Attack Response Plan
- Take out suitable Insurance cover
To learn more about insurance cover for cyber risks, contact us to talk to one of our knowledgeable insurance brokers today.