Big Tech on Notice: Australia's New Anti-Scam Law and Its Impact on SMEs

A significant development is shaking up the Australian cybersecurity landscape: the proposed anti-scam law targeting large internet companies. While aimed at Big Tech, the implications of this legislation extend to all businesses in the digital space, especially Small and Medium Enterprises (SMEs).

The New Landscape:

The Australian Competition and Consumer Commission (ACCC) is introducing a mandatory anti-scam code by year's end. This code will legally require internet giants like Google and Meta to take proactive measures against online scams on their platforms. Failure to comply could result in hefty fines.

Why This Matters:

While the law directly targets Big Tech, it sets a strong precedent for online safety. Here's how SMEs can be impacted:

Increased Consumer Trust: A crackdown on online scams fosters a more secure online environment. This can build trust with your customers, leading to better engagement and potentially more business.

Potential for Collaboration: The ACCC's push for industry-wide codes may lead to standardized best practices for online security. SMEs can potentially leverage these frameworks to bolster their own security measures.

Focus on Prevention: The emphasis on proactive scam prevention aligns with best practices for cybersecurity. SMEs should use this as an opportunity to review their own online security protocols.

Taking Action:

SMEs can proactively address online security concerns by:

• Implementing Multi-Factor Authentication (MFA): MFA adds an extra layer of security to logins, making it harder for attackers to gain access to your systems.
• Educating Employees: Regular security awareness training can help employees identify phishing attempts and other online threats.
• Staying Informed: The ACCC provides valuable resources on online safety for businesses. Regularly check their website for updates and best practices.

While the new law targets Big Tech, it sends a clear message: online safety is a shared responsibility. By prioritising proactive security measures, SMEs can navigate the evolving digital landscape with confidence.

Published by IT News, written by Byron Kaye, 13 July 2024