How Businesses can Save a Bonus 20% on Cybersecurity Awareness Training

Cybersecurity Top of Mind

Data breaches caused by cyberattacks can cause inconvenient disruptions at the least and devastating consequences at worst. With 92% of Australian businesses experiencing cyberattacks in 2021 alone, cyber security remains a top concern for business leaders.

More often than not, creating a culture of cyber awareness begins with an organisation’s front line of defence: employees. A significant portion of data breaches occur through phishing attempts through employee email or other forms of communication.

Data breaches are not only dangerous for companies, they can also impact economies and countries at large. In an attempt to counteract the growing rate of cyber attacks, the Australian government has recently issued a high alert urging organisations to enhance their cybersecurity protocols.

However, it doesn’t stop there. The government has gone beyond urging companies to modernise their security protocols and have now issued a profitable tax incentive for doing so.

Tax Incentives for Cybersecurity Awareness Training and New Technologies

Organisations that invest in cybersecurity awareness training can now enjoy added benefits (on top of ensuring employees are cyber savvy).

As part of the 2022-2023 budget, the Australian government has announced the Small Business Technology Investment and Small Business Skills and Training Boost. The plan details that small businesses with an annual turnover of less than $50 million can now claim 120% of the cost of employee training and new technology as a tax deduction.

This lucrative incentive impacts an estimated 3.6 million small businesses and is aimed at encouraging small businesses to invest in new technologies that will enable them to grow without incurring significant financial burden.

For instance, if a small business invests $1,000 in a cybersecurity awareness training, they can claim $1,200 as a tax deduction.

How Companies Can Financially Benefit from Cybersecurity Awareness Training

Phishing attempts account for a staggering 90% of data breaches. Arming employees with the knowledge and training to prevent breaches caused by human error is considered the number one first step to creating a cyber aware culture and preventing devastating loss.

If an organisation can train employees in proper security practices, most potential escalating incidents will be avoided and the company might never have a major problem on its hands. Employees who can quickly and successfully identify and avoid phishing attempts are an invaluable asset to the success of any company.

To put things in perspective, according to the latest report from IBM , data breaches caused by human error cost an average of US$4.24 million (AUD$6.06 million) in damages. However the financial sting does not end there. Companies may also face regulatory fines for poor security practices, adding more cost on top of what they already lost. Apart from financial consequences, data breaches also cause reputational damage and even loss of intellectual property.

The benefits of cybersecurity awareness training are innumerable. The new tax incentive is a cherry on top for small businesses with finite resources. With the ability to write off 120% of the cost of training, companies can afford to invest in the right program that will protect their business and personnel.

Stop Data breaches Before they Happen with PhishNet

Staff who receive high-quality cybersecurity awareness training are better prepared to recognise and avoid the most serious threats.

Even if a small business has an internal security team, many are turning to external experts to both preserve the internal team’s time and resources while ensuring adequate training.

PhishNet delivers fun, engaging and affordable cybersecurity training programs to help businesses protect themselves from malicious email-based cyber threats.

Get in touch with PhishNet today to learn more.