$300bn in cyber breaches: Mid-size business welcomes Cyber Security Strategy

As leading advisors to mid-size business we applaud the Turnbull government for the investment in boosting Australia’s cyber defence, following yesterday’s announcement of its Cyber Security Strategy and investment.

“From our experience we know mid-size business often finds cyber security challenging and overly complex, leaving it overexposed and prone to attack. Recent Grant Thornton research puts the cost of cyber breaches at $300bn USD per annum,” said Matthew Green Technology Advisory Partner, Grant Thornton Australia. 

“In reality, any organisation connected to the internet is vulnerable, putting at risk its commercial viability, personal and commercial information and reputation,” said Mr Green. 

“This policy is best placed to position Australia to deal with persistent and increasingly sophisticated cyber-attacks and the move to implement such a policy follows the global trend for increased cyber security launched by the USA and most recently reinforced by the European Union,” said Mr Green.

What’s in it for Australian mid-size businesses?

The strategy includes grants available for mid-size business to improve cyber security.  Whilst light on detail, at this stage, this initiative is certain to drive a number of positive outcomes including:

• Australian mid-size businesses will have access to accredited cyber security experts, helping them take responsibility for the security of their own networks.
• Provide mid-size businesses with a better understanding of potential cyber security vulnerabilities and where to find trusted cyber security advice.
• Empower mid-size businesses with the knowledge needed to make considered cyber security investments to protect their business long term.
• Facilitating trust in the connections between larger and smaller businesses.
• Mid-size businesses are viewed as increasingly trustworthy partners in the global marketplace, and will now be able to match international security standards.

Most importantly, this will enable mid-size business to respond to a sophisticated threat confronting all business in Australia and globally. 

“Cyber security affects all Australians and there is much to be done to ensure Australia’s cyber resilience. The Turnbull government Cyber Security Strategy is a strong step in the right direction,” said Mr Green.

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For more information please contact
Helina Lilley, National Public Relations Manager
T +61 2 8297 2421, M  0437 725 520, E  helina.lilley@au.gt.com