Australia’s first small business bundle for tackling cyber risk launched

An Sydney based business backed by underwriters at Lloyd’s of London, Cyber Plus has launched what it calls Australia’s first small business bundle for tackling cybercrime, threats and attacks.

According to Paul Waite, co-founder of Cyber Plus, “Global cybercrime is predicted to grow from $3 trillion (US) in 2015 to $6 trillion (US) by 2021. That looks like a good enough reason to ditch computers altogether and go back to paper and pen, but obviously that’s not going to happen. We need to tackle this issue head-on with all of the tools we have at our disposal.”

“All businesses, no matter their size, need to have the cyber security basics,” said Mike Newbigin a Cyber Plus Director. “Most businesses are critically dependent on digital networks and may not be fully aware of how a cyber attack could be fatal to their operations.”

Australian small businesses now rate cyber-crime as one of their five biggest threats, and an overwhelming 95 per cent want tools to help protect them.

Speaking about Cyber Plus’ latest offering, Small Business Minister Michael McCormack said: “SMEs are no strangers to cybercrime. As threats continue to evolve and grow, we are seeing more cyber criminals shift their focus to small businesses. Small businesses make up the backbone of the Australian economy, and we need to do all we can to ensure the industry has the tools, skills and resources to build the cyber resilience necessary to withstand attacks.”

As the Council of Small Business Australia (COSBOA) recently noted one in five small businesses experienced an extortion attack last year.

“But small businesses are also increasingly targeted by criminals using highly sophisticated cyber-attacks such as denial of service (DDoS), botnets, worms, spear phishing and drive-by exploits. It’s an increasing threat and one where the criminals seldom get caught. Newbigin pointed out.

“One key element of small businesses’ arsenal against cybercrime is cyber insurance. It’s increasingly a must have for small business.

“A small business relies heavily on its reputation and this can be irreversibly damaged by a data breach. It’s at this time small businesses need the expert advice, yet without a cyber insurance policy, they may not have the resources” Newbigin concluded.

Cyber Plus has partnered with global consultants Deloitte Risk Services, BDO, Ernst & Young and leading credit and identity monitoring supplier Equifax plus law firms Minter Ellison, King & Wood Mallesons and Madgwicks to provide leading level of advisory support.