Cybercrime is Winning. Are Australians Ready to Fight Back?

It’s been almost 8 months since Scott Morrison addressed the nation on cyber security. In that address he related a stark warning about the cybercrime situation in Australia.

According to ScoMo, Australia is under attack. Supported by evidence provided by the Australian Cyber Security Centre (ACSC), he went on to say:

“We know it is a sophisticated state-based cyber-actor because of the scale and nature of the targeting and the tradecraft used. The Australian government is aware of and alert to the threat of cyber-attacks”

The ACSC says it is the most significant and coordinated cyber-targeting against Australian institutions to date.

Here are the facts:

  • Australian businesses lose $29 Billion to cybercrime each year
  • 160 crimes reported every day
  • At least 1 cybercrime reported every 10 minutes

What’s Happening?

For years, cybercriminals have been targeting Australian citizens with the attacks becoming more organized and detailed. In 2018 alone, at least 6 million Australians were victims of cyber attacks. Statista breaks out the types of attack in the following:

Phishing Scams

These are by far the most common types of cyber attack.

They come in the seemingly friendly form of an email, text message or phone call.

In a phishing scam, the attacker will try to trick you out of some personal information which they can use to hijack your bank account and steal your money. They can also use your credentials to create a new account in your name.

Malware

These attacks are characterized by any malicious software.

You can fall victim to malware through email attachments, malicious advertising on unsafe websites, fake software installs, infected apps and infected USB drives.

Ransomware

In short, ransomware can install itself on your machine and encrypt important files. After this, the attacker will demand a ransom for the return of your data.

The ACSC sees this type as the biggest threat to the country. According to the 2020 cyber threat report, this was because:

“ransomware requires minimal technical expertise, is low cost and can result in significant impact to an organisation, potentially crippling core business functions.”

Why are our Businesses So Vulnerable?

Australian Businesses Lose $29 Billion to Cybercrime Each Year

Insurance comparison service comparethemarket.com.au conducted research that suggests most attacks come on the heels of poor web safety protocols.

For instance, employees are often caught in faulty email scams and downloading unsafe apps/software. Further common issues included:

  • A lack of reliable update scheduling
  • Overconfidence in generic antivirus software
  • Poor system monitoring to diagnose issues before the situation is too dire

Notice that all of these issues can easily be avoided with the right knowledge and commitment to securing your operations.

What Can You Do?

By far, the most effective manner of protection is to hire a professional. There are managed IT experts right here in Brisbane that have years of experience and skill in cybersecurity.

However, for an immediate fix the ACSC recommends that individuals do the following:

  • Steer clear of sketchy links in emails
  • Keep your software updated
  • Use a variety of strong passwords

Takeaways

In the past 8 months, Australians have been on high alert. With this level of national discourse on cyber security things can only get better. Additionally, the government has committed to an additional $1.35 billion in cyber security funding over the next decade.

While this is all great news, your company is only as safe as the protocols you have in place.

Take your cybersecurity seriously, invest well and get back to focusing on what matters.

Elevate is a World Class Managed IT Service provider, operating from right here in Brisbane. We always prioritize customer success and expert service. Feel free to contact us, if you’d like to have peace of mind from all your technical problems.