Industry experts estimate that cybersecurity incidents will costs businesses over $5 trillion within the next five years alone.
“As per report of ACSC (Australian Cyber security center) in 2019
Small Business Cyber Security Survey showed 62 per cent of small businesses reported they had previously been a victim of a cyber security incident. There are more than 2 Million small businesses in Australia employing less than 19 people, accounting for 97 per cent of all Australian businesses by employee size. The second hiughest number is more than 50 thousand medium sized businesses, employing 20 to 199 employees, which is 2.4 per cent of all firms and the rest are large businesses account for only 0.2 per cent of all Australian businesses. Small Businesses are at high risk from cyber security threats as large enterprises in Australia. Small businesses often don’t have dedicated IT teams or managers, so cyber security is out of sight – out of mind. Malicious hackers know the majority of smaller organizations are not
prepared against network security breaches, making them popular targets for cyber attacks. The average cost of cybercrime to a business in Australia is around $276,000