As the global cost of cybercrime looks set to top $6 trillion by 2021, National Australia Bank (NAB) is taking action to help businesses understand how they can better protect themselves from cyber criminals.

Launching the Small Business Cyber Security Summit in Canberra today, NAB Chief Customer Officer Business and Private Banking Anthony Healy said Australia’s leading business bank will embark on a small business roadshow to drive education and awareness to help Aussie small businesses defend against threats.

“Cybercrime costs the Australian economy more than $1 billion annually and half of all cybercrime is targeted at small businesses,” Mr Healy said.

“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.”

Launched today at the Summit, NAB released a ‘tool kit’ for small businesses with guidance and advice for customers around the types of common threats including invoice scams or ransomware and things owners can do to update their defences such as encrypting data or employing multi-factor authentication for identity protection.

The NAB Cyber Security Roadshow will kick-off in late October with a series of regional events to give NAB small business customers in Parramatta (28/10), Wollongong (29/10), Hobart (25/11), Frankston (26/11), Perth (2/12) and the Sunshine Coast (4/12) the opportunity to learn cyber protection skills and speak directly to cyber security experts.

In addition, to help NAB’s more than 400,000 small business customers, the bank will next month launch a collaboration with OutcomeX – an IT systems integration company – to offer NAB customers the Cisco Umbrella product at a special preferential price. Cisco Umbrella is a cloud security platform that helps customers better protect their operating systems and provides first line defence against cyber threats.

The action comes off the back of other recent initiatives to support Australian businesses, particularly in Rural and Regional Australia, including:

• Announcing 163 additional Business and Private bankers.
• The removal of more than 100 customer fees, including many business banking fees.
• A commitment to keep rural and regional branches open until at least January 2021.
• Opening four customer connect centres in Toowoomba, Tamworth, Bendigo and Bunbury to service regional, agribusiness and small business customers.

To find out more about NAB’s cyber and security guidance and advice visit: www.nab.com.au/security