The Broker Times Strategic Guide: Defending your data and navigating the 2025 commercial lending split.
Cybersecurity is no longer strictly an IT issue—it is a business survival issue. In the 2024-2025 financial year, the average cost of a cybercrime incident for a small business in Australia reached nearly $50,000. As aggregators of high-value PII, brokers are prime targets.
Most small brokerages operate at "Maturity Level 0." Implementing the ASD "Essential Eight" Level 1 strategies is the baseline requirement to resist common commodity threats like ransomware and business email compromise.
We have simplified the Australian Signals Directorate recommendations into four actionable steps for brokers. Click each item to see the implementation details.
Stops 99.9% of account compromise.
Recovery from Ransomware.
Close the "Open Door".
Limit malware spread.
Aggregators like Connective report a 90% increase in cyber hub engagement. The most practical change you can make today is to stop emailing documents. Transition to secure client portals (e.g., FinanceVault, rediDOCS) for all PII collection.
Diversification into commercial lending is a primary growth lever, but the market has bifurcated. Understanding the split between Fintech Speed and Bank Complexity is key to deal placement.
Source: Broker Pulse Data 2024
Lenders are tightening criteria ("Credit Squeeze"). Use this tool to determine where your deal fits best.
Examples: Prospa, Shift
The speed advantage (1.5 days) is overwhelming. The client's need for urgency justifies the potentially higher rate. Do not risk a 7-day bank turnaround.
Examples: ANZ, NAB
Despite the slowness (7+ days), banks offer the necessary relationship banking and credit appetite for complex, high-value deals. Manage client expectations regarding time.
1. Enable MFA today.
2. Stop emailing PII.
3. Triage commercial deals by speed vs. complexity.