The National Australia Bank aims to boost cyberdefences for SMEs with new toolkit

The National Australia Bank (NAB) has released a new tool kit to give small businesses guidance and advice on common cyber threats.

In the tool kit, small businesses can receive advice on common threats such as invoice scams and ransomware, and what they can do to update their defences, including encrypting data or using multi-factor authentication for identity protection.

Its decision to release the tool kit comes as cyber crime costs globally are expected to reach $6 trillion by 2021. In addition to the tool kit, the bank has launched the Small Business Cyber Security Summit to drive education and awareness for cybersecurity at small businesses.

The bank’s efforts to support the cybersecurity space is set to continue throughout the year. Next month it is launching a collaboration with OutcomeX, an IT systems integration company. This will offer customers the cloud security platform Cisco Umbrella to better protect their operating systems.

NAB chief customer officer business and private banking Anthony Healy said, “Cybercrime costs the Australian economy more than $1 billion annually and half of all cybercrime is targeted at small businesses.

“As Australia’s leading business bank, we recognise the important role we can play to help our customers understand how they can better protect their business from cyber criminals.

“Across Australia and often in regional areas, we see hundreds of small businesses and agribusinesses every year who are unfortunately targeted by cyber criminals through tactics like identity theft, romance scams and invoice fraud.

“It’s great to stand alongside COSBOA, the Australian Cyber Security Centre, AustCyber and the Australian Small Business and Family Enterprise Ombudsman to create awareness on this topic and to see the Australian Government’s 2020 Cyber Security Strategy Review underway which will play an important role to address this issue.”

Earlier in the year, NAB deployed $10m into the digital risk protection platform Digital Shadows.

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