- Conducted research on small business cyber security challenges.
- Published a white paper to improve visibility of these challenges across industry.
- Seed investment secured
- Hired more employees
The AustCyber Projects Fund is a $15 million, three-year initiative designed to help the Australian cyber security industry grow and take ideas globally. Since launching in 2018, AustCyber has provided this funding to projects that are making a real contribution to growing Australia’s cyber security ecosystem, guided by the Sector Competitiveness Plan.
One of the participants in AustCyber’s Projects Fund was Cynch Security, which used its involvement in the Projects Fund program to conduct research on small business cyber security challenges and publish a white paper to improve the visibility of these challenges across the industry.
Little is understood about the security challenges that Australian small business owners face, which is shocking when you consider the numbers. Australian businesses are overwhelmingly small – 97% of all Australian businesses have fewer than 20 staff – but make up two‐thirds of all Australian jobs.
Small businesses are fighting for survival because of the COVID‐19 crisis. A survey conducted one year into the global health crisis and economic downturn revealed that 60% of small and medium-sized businesses in Australia and New Zealand are operating in crisis or survival mode. Unprecedented times and the rapid pace of digital adoption have left too many operating touch and go, exposing them to threats for which they are unprepared.
Limited budgets, an absence of IT staff for support and the complexity of cyber security solutions have left small businesses exposed in unfamiliar ways, with many unprepared for potentially devastating cyber incidents. There has never been a more important time to understand this sector’s challenges.
Inspired by physical fitness concepts, the Cynch Cyber Fitness platform generates tailored programs for small or micro businesses, providing them with everything they need to manage and reduce their cyber risk. Each recommendation provided is prioritised and broken down into sequenced actions so that small business owners don’t need to find hours at a time to complete a single recommendation or implement a new control. As well as providing access to products and services, Cynch helps them keep track of progress towards their goals and demonstrate to partners, clients or regulators that they’re doing everything possible through the creation of reports and compliance mapping.
Many business owners say that they “just want to know they’re doing everything they can”, and the platform was designed to solve this over the long term. This project was built on the success of Cynch’s remotely delivered in‐person ‘cyber boot camp’ program, automating, enhancing and ultimately proving the effectiveness of the experience to provide every Australian small business with an easy‐to‐use and affordable way to start their Cyber Fitness journey.
The Cyber Fitness Program capabilities were developed with the support of matched project funding have directly benefited more than 150 Australian businesses since going live in mid‐2020 and now cover a range of other (increasingly challenging) small business problems.
Having matured its core offering and functionality, Cynch is now actively expanding the risk areas they cover to provide the comprehensive solution to cyber risk Australian small businesses need and deserve.
As well as new programs and coverage across the vast array of industry recommendations, Cynch is exploring new ways of reaching small businesses through partners, associations and customers to create a truly cyber-fit Australian business ecosystem.
While the pandemic has focused its attention towards home soil in the short term, the company is also looking forward to expanding internationally as borders open up and taking Cynch Cyber Fitness global.
About Cynch Security
Cynch Security is a Melbourne‐based company on a mission to help small business leaders prevent a cyber security incident from becoming one of the worst days of their careers. We partner with small businesses, continuously profiling their cyber risks and providing the people at the heart of these businesses with everything they need to build and demonstrate cyber fitness in less than 5 minutes at a time, at a price they can afford.
Learn more about Cynch Security at their website.
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Find out more about the other projects involved with the AustCyber Projects Fund.