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New cyber security investment for Queensland small businesses

The State Government will invest $15 million towards providing a free cyber security solution for small and medium businesses.

As part of the new Queensland Small Business Strategy 2024-27, a tender for a provider to deliver a fit-for-purpose solution to support small businesses has been released by the Department of Employment, Small Business and Training.

The types of cyber security infrastructure measures likely to be considered include cloud-based solutions and assistance with securing networks, implementing software, data encryptions, multi-factor authentication, operational controls, and compliance.

Strengthening local infrastructure and support networks in regional Queensland, while supporting more local resources, jobs, and effectiveness are priorities of the new strategy.

minister for Employment and Small Business, Lance McCallum, said the strategy will include a tailored, free solution for small businesses.

“Cybercrime is a multibillion-dollar global industry that threatens the wellbeing of our small businesses, so we’re taking real action by investing $15 million to provide a free cybercrime solution for Queensland’s small business community,” said McCallum.

“As part of our new Small Business Strategy: Powering Small Business, we will help small businesses to cope with the complexities of cyber security by implementing a free tailored approach to meet the needs of the sector.

“This Budget is about keeping our vital small business sector safe, open, and providing the platform to continue grow revenue, jobs, and innovation in Queensland.”

In Australia, the average cost per cybercrime is currently $46,000 for small businesses, and $97,200 for medium businesses, with business email compromise and online banking fraud among the top issues.

The top five small business sectors in Queensland are:

  • Construction,
  • Professional, scientific and technical,
  • Rental hiring and real estate,
  • Agriculture, forestry and fishing, and
  • Health care and social assistance.
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