Federal Budget 2023-2024: Small Business + Cyber Security

Hot off the press: tonight's announcement outlines cyber security investment for small business + consumers, including help to train in-house cyber wardens and investment in 'Consumer Data Right'.

May 9, 2023

Cover: Federal Budget 2023-2024

Notitia's take: Data + Tech Australian Budget Announcements

NEW Cyber Security + Small Business: In-house Cyber Wardens

The Government is investing $23.4 million to help small businesses build their resilience to cyber security attacks by training in-house cyber wardens.

Small businesses have rapidly digitalised in the past few years, bringing new opportunities but also increasing their vulnerability to cyber-attacks.

A cybercrime attack on a small business can cause significant financial and reputational damage, putting at risk the viability of the business and the job sit provides in the community. This measure will help mitigate and reduce the harms associated with cyber-attacks on small business.

The small businessCyber Wardens program will be delivered by the Council of Small Business Organisations Australia.

"Small and medium businesses are the target of 60 per cent of cybercrime, which is now costing Australia more than $33.0 billion in reported losses per year," the treasurer said (reference Budget Strategy and Outlook, Budget Paper No.1)

"The Cyber Wardens program will address this vulnerability by equipping small businesses with the foundational skills they need to improve cyber safety.

"This program will be delivered by the Council of Small Business Organisations Australia and will support more than 15,000 small businesses."

CONTINUED Consumer Data Right + Digital ID + National Anti-Scam Centre (NASC)

Consumer Data Right

The Government continues its investment in the Consumer Data Right with $88.8 million over 2 years to support the CDR in banking, energy, and the non-bank lending sectors and deliver a cyber security uplift.

The government technology gives consumers the option to share data between service providers. Access is via a provider’s website or app. If you choose to share data with an accredited provider via Consumer Data Right, data is securely transferred from your existing provider(s).

Expanding Digital ID

Australia’s identity system is critical national infrastructure that enables a wide range of services across the economy. This system includes solutions such as Digital ID, which can provide a secure, voluntary and convenient way to verify a person’s identity online, while minimising collection of their personal information.

The Government is investing $26.9 million in 2023–24 to sustain and develop the next stage of the Digital ID program.

This will help increase consumer protection, reduce the chances of fraud occurring, improve efficiency, and make it easier for people to access services online.

National Anti-Scam Centre (NASC)

In October 2022, the Federal Government announced the allocation of seed funding to the Australian Competition and Consumer Commission (ACCC) for the establishment of a National Anti-Scams Centre (NASC).

The Budget says that the Government will strengthen scam detection and disruption measures, through $58.0 million to deliver on its commitment to establish NASC.

It will commit $17.6 million to take down investment scam and phishing websites, and $10.9 million to launch and maintain an Australian SMS Sender ID Registry to help prevent scams imitating key industry or government brand names in text message headers.

GONE? Small Business Technology Investment Boost?

No mention of further investment in last year's Small Business Technology Investment Boost.

The former Morrison government announced it will support small business through the Small Business Technology Investment Boost and Small Business Skills and Training Boost. The Technology Investment Boost was designed for small businesses with an annual turnover of less than $50 million to deduct a bonus 20% of the cost of expenses on digital technologies. The skills and training boost offers a similar incentive.

But nearly a year after voters changed horses and installed Labor and Anthony Albanese as prime minister, the measures have still not been turned into law. It was meant to operate between for eligible expenditure from 29 March 2022 and 20 June 2023.

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About Alex Avery, Notitia Managing Director + Founder

Alex Avery Notitia's managing director headshot

Alex Avery, Notitia Founder and Managing Director, heads our operations in Melbourne to provide data analytics and digital transformation services to more than 60 clients across Australia.

He is highly regarded for his ability to quickly analyse complex operational scenarios and provide workable solutions to achieve business objectives. This, along with considerable experience in the management of technical and business teams across both project environments and "business as usual" is the reason why most clients have come via word of mouth.

Having spent close to a decade working across Australian and global startups, Big 4 consulting and academia, Alex launched Notitia in 2019, which has since skyrocketed in growth.

Today, Alex leads his expanding team across data + analytics, design + development + strategy to help Australian clients solve their data challenges.

He sees technology as an enabler and partners with the biggest vendors to utilise best of breed software.

With the right technology and expertise, Alex says that problems of any size can be solved through valuable insights from accurate data.

Book a chat with Alex to find out how he can solve your data challenge.

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