By global standards, Australia is a wealthy country. Add in our trusting nature and it makes us a target for exploitation by cybercriminals.
Over 67,500 reports of cybercrime were reported to the Australian Cyber Security Centre (ACSC) during the 2020–21 financial year, an increase of over 13% from the previous year.
A cybercrime is reported to the Australian Cyber Security Centre every eight minutes
No business sector is immune from cybercrime and other malicious cyber activity with cybercriminals and state actors (1) targeting Australian government agencies at all levels, large organisations, vital infrastructure providers, small to medium-sized businesses, families, and individuals.
2021 ACSC observations
- Over 67,500 reports of cybercrime were filed, an increase of over 13% from the previous year
- More than $33 billion in losses have been documented due to cybercrime
- Businesses connected to Australia’s critical infrastructure were the target of about 25% of reported cyber security incidents
- More than 1,500 cases of cybercrime involving malicious online behaviour are linked to the coronavirus outbreak (approximately four per day)
- More than 75% of cybercrime reports involving the epidemic had Australians losing money or personal information
- There have been approximately 500 reports of cybercrimes involving ransomware, up roughly 15% from the previous year
- The top reported forms of cybercrime were fraud, online shopping scams, and online banking scams
- An increase in the impact and severity of reported cyber security events, with over half being classified as ‘substantial’
- Fraud-related makes up approximately 23% of all cybercrime reports.
The greatest threat to Australians is ransomware-related cybercrimes. Although complaints only make up a small part of all cybercrime reports, it continues to pose the greatest threat because of its significant financial and disruptive impact to victims. Australian organisations took on average one month to recover from a ransomware attack. 88% of businesses stated the attack had a negative impact on their capacity to do business, and 86% said the ransomware attack caused their company to lose customers or income.
Protect yourself and your business
Although it all sounds incredibly frightening, Australia is considered one of the most cyber secure countries in the world. However, we must not become complacent as Australia will continue to experience significant cyber threats.
The best way to combat a cyber-attack is to put strategies in place to prevent it. Implementing and regularly reviewing security controls such as keeping software up-to-date, educating employees about the biggest security threats, backing-up your data, practicing restoration of data, and limiting what systems and data employees have access to all contribute to building a more fortified IT system.
By being prepared for the worst and knowing what to do if a cyber incident happens will ensure your business is up and running as soon as possible, with minimum disruption.
If you’d like to secure your business in the event of a cyberattack, contact us for a no obligation free assessment of your IT systems.
(1) A person or group that acts on behalf of a government or government body, for example, a contracted hacker or company.