Today, Australia faces a complex cyber security landscape. Australia’s economy is digital, and the continued adoption of safe and secure digital platforms, technologies and online services is critical for our nation’s productivity and future prosperity. However, cyber attacks are growing in number, speed and sophistication. The stakes are higher than ever before, with our most sensitive data and most vulnerable members of the community at risk. But we also have a unique opportunity to become a global leader in cyber security.

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Why we must act now

Cyber attacks are accelerating faster than ever before, and we can’t afford to wait any longer. Malicious activity targeting Australians through cyberspace continues to grow at an unprecedented rate, with cybercriminals and state-based or state-sponsored actors routinely targeting our networks and data. The industrialisation of cybercrime has made it easier than ever for malicious actors to steal valuable data, disrupt our systems and extort Australians for financial gain. Capabilities and skills that were once solely the domain of states are now available for purchase and hire by state and non-state groups. State-sponsored actors continue to use cyber operations to steal information and challenge our sovereignty. Criminals and states not only seek to exploit vulnerabilities in our devices and people, but also disrupt critical infrastructure and government systems.

 

As malicious actors grow in number, they are also taking advantage of more advanced tools. Critical and emerging technologies such as AI, quantum computing and biotechnology will revolutionise every aspect of Australian life. They will create economic and commercial opportunities, improve the provision of government services, and enable better health outcomes. However, these technologies will also create new opportunities for malicious cyber actors. As our networks and systems become increasingly interconnected, our attack surface will expand, allowing malicious actors greater opportunity to target Australians with scale and speed. Data that is safe today may not be tomorrow.

 

Failing to defend our country from cyber attacks will have devastating impacts on our society and digital economy. As a prosperous country with high online connectivity, Australia is a very attractive and profitable target for cybercriminals. Ransomware, cyber extortion, scams and digital theft all take a significant toll on Australian businesses and the community. The cost of cybercrime on Australian businesses is growing by up to 14% per annum.

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​The problem we face

Small and medium businesses play a vital role in our economy, contributing more than $500 billion3 to annual gross domestic product and employing around 43% of the private sector labour market.4 But Australian small businesses consistently express concern over their lack of time, resources and expertise to uplift their cyber security. They struggle to attract and retain skilled cyber professionals, procure the right services or know where to invest in uplifting their cyber resilience. As a consequence, small and medium businesses can take longer to recover from a cyber incident and face higher costs compared to larger businesses.

 

For large organisations, incidents affecting a small or medium business in their supply chain can cause significant damage. An incident in a large organisation’s supply chain can cause major downstream impacts, disrupting service delivery. Or, where a small business is integrated into the networks of a large organisation, a cyber attack on the smaller entity can unlock a ‘back door’ into the larger organisation that malicious actors can easily exploit.

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Metroway recognises that uplifting cyber maturity can be challenging for small and medium businesses, particularly when balancing competing priorities. Without appropriate support and guidance, investment in cyber security can seem overwhelming.

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