According to the Australian Cyber Security Centre‘s (ACSC) annual report, between June 2019 & June 2020 they received an average of 164 cybercrime reports a day. For this reason, Cybersecurity should be at the forefront of the businesses action plan.
In an ever-growing and developing technological world, a new threat has emerged; Cybercrime. These threats targets not only individuals but also businesses and has an extensive global reach.
In addition to this, the ACSC report showed that malicious cyber activity has increased dramatically in frequency, scale and sophistication. Cybercrime is fast-moving and everchanging to suit conditions – for example between the 10th and 26th March 2020, cybercriminals adapted phishing methods to target their victims using the Covid-19 pandemic. The ACSC reported that Australians have lost over $634 million to cybercrime scams in 2019 making this a significant and growing problem that business needs to adapt to and prevent. Experts have predicted cybercrime will cost the world over $6 trillion in 2021 due to an increase in cybersecurity attacks as hackers exploit remote workforces and ransomware.
There are various categories of cybercrime. A few that are particularly detrimental to businesses in Australia are:
- Identity theft: Business or personal information has been stolen and used to gain access to online accounts
- Email compromise: An email has been received and the recipient has been misled into sending money.
- Internet fraud: A phishing link was clicked on providing someone remote access to a device or computer and money and information can be taken from the devices.
- Ransomware or malware: The devices or systems have been compromised and/or someone is demanding money to release devices back to you.
Over the last 12 months, Ransomware has become one of the most significant cyber threats in the business world due to the low cost to set up and massive losses to the businesses. It is particularly crippling to businesses that rely heavily on computer-based systems.
How can we help you secure your business and prevent cyberattacks:
Due to a large number of variables in each company’s operating model, different vulnerabilities and cyber threats prevail. We endeavour to work closely with our clients to tailor cybersecurity solutions best suited for them.
If you would like to learn more about our solutions please visit our Cybersecurity section.
Contact us to learn more and discuss a tailored cybersecurity solution for your business.