A $1 million program to help small and medium Territory businesses protect themselves against cyberattacks has been launched that will see up to $10,000 matched dollar for dollar by the government towards eligible cybersecurity services.

The average cost of a cyberattack is around $50,000, the government said, which can be particularly harmful for small and medium-sized enterprises, leading to operational disruptions and reputational damage.

Under the new initiative, SMEs can now apply for up to $10,000 to cover the costs of eligible services aimed at strengthening their cybersecurity or testing their business’s resilience to a cyber incident.

“The Cyber Invest Program will support small and medium businesses to work with a local ICT or cyber security provider to address cyber risks relevant to their digital footprint and develop a Cyber Invest Plan,” Minister for Corporate and Digital Development Joshua Burgoyne said.

Managing director of Territory Technology Solutions Michael Feldbauer said he has seen various ways that attackers attempt to infiltrate businesses.

“Day-to-day email and text messages with suppliers and customers are the number one entry point for all cyber incursions, but with advanced AI systems becoming more common, cyber criminals are able to act quicker than ever,” he said.

“This program makes it possible for Territorians to implement solutions that protect their business and provide their staff with the training and education to be better prepared for a cyber-attack.”

Starting today, ICT and cybersecurity providers can submit their applications to become approved providers for collaboration with businesses. The application process for business applicants will launch on October 27.