In this document, we explore the impact of nation-state actors on cybersecurity and its implications for businesses. The rise of sophisticated cyberweapons, covert support of national policies, and leaked vulnerabilities pose significant risks to global cybersecurity. While the direct risk to Australian SMEs is low, the increasing global tensions create circumstances where businesses could become collateral damage in a larger cyber conflict. The document emphasizes the importance of strong cybersecurity practices and baseline security controls to mitigate these risks effectively.