NAB and Microsoft launch small business cyber assessment tool

National Australia Bank (NAB) has partnered with Microsoft to launch a cyber assessment tool to help small businesses prepare and respond to a cyber attack.

The free self-assessment takes roughly under two hours to complete and asks participants questions about their business’ security, data and IT environment.

Based on data findings and answers, the tool provides tailored advice on how the business can improve cybersecurity. 

NAB chief security officer Sandro Bucchianeri said the tool can help small businesses determine their cyber maturity and make better informed decisions around cybersecurity.

“The number of cyber attacks impacting small businesses continues to grow each year," he said.

"Last financial year, a cyber crime was reported every six minutes and cost small to medium businesses an average of $71,600, according to the latest research by the Australian Signals Directorate, with incidents surging 23 percent.”

“As we’ve seen over recent weeks, cyber criminals are stepping up their tactics, targeting high profile Australian businesses on a near-daily basis, impacting everyone from our hospital system, legal system and business community."

"Tools like this will help the small business sector respond if they are caught up in a hack.”

NAB research reveals 15 per cent of small to medium-sized businesses conduct extensive training around scams and cyber security risks, while four in 10 had “not much training at all.”

Bucchianeri said cyber criminals are looking for new ways to reach victims.

“We’re seeing an increase in phishing scams and ransomware which all continue to be among the top cyber threats that NAB customers report, as well as issues we see across industry,” he said.

“The government’s recent cyber security strategy announcement rightly places small businesses at the centre of its efforts."

"We all need to work together to help shift small businesses from one of the least prepared sectors in the country, to the most capable and resilient community group."

“Roughly 97 per cent of all Australian businesses are small businesses so they need to be our number one priority to achieving national cyber resilience."