A new cybersecurity initiative will soon offer small and medium-sized businesses across Queensland a free solution to protect against online threats. The program, backed by a $15 million investment, aims to prevent costly cybersecurity incidents such as phishing, hacking, data breaches, and scams.
Cryptoloc, a Queensland-based cybersecurity company, has been selected to deliver this solution, which includes essential protective measures such as network security, multi-factor authentication, data encryption, and operational controls. The initiative is designed to help businesses prevent cybercrimes that could otherwise cost them an average of $46,000 per breach.
In addition to the software tools, the initiative includes cybersecurity compliance training and awareness workshops in regional hubs, helping to raise awareness and improve skills across the state. Small businesses in regional Queensland will have access to the same level of protection as their urban counterparts, ensuring that all businesses are equipped to thrive in an increasingly digital economy.
In Australia, small businesses are hit hard by cybercrime, with the average cost per incident reaching $46,000. Medium-sized businesses face even higher costs, averaging $97,200 per breach.