The Northern Territory Government has announced a $1 million Cyber Invest Business Program to support small and medium businesses to back themselves against cybercrime.
Small and medium businesses can apply for up to $10,000 to cover costs of eligible services to strengthen cybersecurity or to test their business’ resilience to a cyber incident.
Reports have shown that the average cost of a cyberattack is $50,000 which can be devastating to small and medium businesses along with facing business disruptions and reputational damage.
Minister for Corporate and Digital Development, Joshua Burgoyne, said “the Cyber Invest Program will support small and medium businesses to work with a local ICT or cyber security provider to address cyber risks relevant to their digital footprint and develop a Cyber Invest Plan.”
Minister for Trade, Business and Asian Relations, Robyn Cahill said the program was a welcome investment aimed to help Territorians protect their businesses.
“Small and medium businesses make up 99% of the Territory based business sector and our government is backing them against cyberattacks with this investment,” she said.
As a long-term cyber security provider across the NT, Territory Technology Solutions have seen various ways that attackers try and infiltrate businesses.
“Day-to-day email and text messages with suppliers and customers are the number one entry point for all cyber incursions, but with advanced AI systems becoming more common, cyber criminals are able to act quicker than ever,” said Mr Michael Feldbauer, Managing Director of Territory Technology Solutions.
“This program makes it possible for Territorians to implement solutions that protect their business and provide their staff with the training and education to be better prepared for a cyber-attack,” he said.
From today ICT and cyber security providers are invited to apply to become an approved provider to work with businesses. The scheme will open to business applicants on 27 October.
