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Australia’s biggest bank and telecommunications companies have joined forces to equip SMEs with cyber knowledge to tackle future crime.
Commonwealth Bank of Australia (CBA) and Telstra have teamed up with the Council of Small Business Organisations Australia (COSBOA) in a new initiative to “help protect small businesses from cyber threats and scams”, on the back of the several data breaches this year.
Cyber crime costs the economy an estimated $30 billion a year, according to credit group Savvy, marking it one of the greatest risks facing the country’s 2.3 million small businesses.
According to the Australian Cyber Security Centre (ACSC), 43 per cent of all Australian cyber crime is directed at small businesses — costing small-business owners almost $9,000 on average.
It’s for these reasons that COSBOA’s Cyber Wardens pilot program aims to upskill small businesses by giving them the tools needed to stay safe online, through a “free and easy to use” accredited e-learning platform.
As digitisation becomes commonplace for small businesses, CBA’s group executive for business banking, Mike Vacy-Lyle, said it’s crucial the sector is equipped with the skills it needs to stay safe online.
“We’re excited to launch the Cyber Wardens pilot program to help demystify cyber safety, instill a cyber-mindset and empower small businesses to identify and manage cyberthreats,” Mr Vacy-Lyle said.
The program is designed by small businesses, for non-tech employees and hopes to become “Australia’s first cyber safety workplace certification or microcredential” for the small-business sector.
Rolling out in the coming months, it will cover common cyber threats that could impact businesses, improve employees’ cyber knowledge, promote better practices, implement cyber standards, help small businesses have a risk mindset, and resources for additional support.
The program followed COSBOA’s research that found six out of 10 small businesses feel unprepared and rate their cyber security as poor, could improve or only okay.
COSBOA chief executive Alexi Boyd said the aim of the Cyber Wardens program is to develop crucial skills training for small-business owners who have “felt powerless” in the digital safety space.
Ms Boyd said given many small businesses struggle to upskill with limited resources, time and technology expertise, the program will provide “free, simple and accessible resources to the small business community”.
“Australia’s innovative small business owners are used to wearing many hats but we can’t just add another task to the to-do or ‘too hard’ lists,” Ms Boyd said.
“We want to foster a culture of self determination and understanding in cyber safety — no IT degree, excel expertise and cloud wizardry required.”
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Westpac brings over 500 scam specialists to new financial crime hub
Westpac has unveiled a new prevention centre in Western Sydney as the bank continues to ramp up its efforts to combat scams and fraud.
The new hub, which opened on Tuesday (18 October) will bring together 540 financial crime specialists, joining 2,800 total Westpac employees relocating to Western Sydney.
Westpac Group CEO Peter King said the move will cement the bank’s presence in an important region.
“Our new Parramatta headquarters will include business lending and customer support teams, along with our financial crime team,” Mr King said.
“We’ve brought more than 500 financial crime and fraud prevention experts together as part of this move as we continue to invest in the right tools, technology and resources to protect our customers,”
“Western Sydney is Westpac’s heartland. It’s where many of our customers live and it’s home to nearly half of our Greater Sydney workforce. The region is also a big part of the national economy.
“That’s why we’re relocating thousands of staff to Parramatta Square.”
Endorsed by the federal government, Assistant Treasurer and Minister for Financial Services Stephen Jones joined Westpac CEO Peter King in Paramatta to officially open the new hub, which will play a key role in educating customers to help them protect themselves and their money.
It will also be working closely with law enforcement, regulators and industry peers to identify and report scammers and fraudsters.
"This is exactly what the Albanese Government wants to see from our banks. I welcome not only the commitment from Westpac to prioritise protecting its own customers, but also its proactive approach to working with others," Mr Jones said.
“Combatting scams is something the Government takes extremely seriously, but we know we can’t do it alone.
“Working together, sharing information and experiences in real time, is the best way to protect customers and keep the scammers at bay.”
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