A cyber incident is reported every six minutes by businesses in Australia. An increase of 23% from the previous year according to the Australian Cyber Security Centre (ACSC), with more than 94,000 cyber incidents reported and over 33,000 calls made to the Australian Cyber Security Hotline.
We saw the likes of Optus, Medibank and TicketMaster in the media for their high-profile cyber incidents, but 92.6% of all reported business breaches were experienced by Australian small businesses.
These attacks have the potential to devastate and ruin small businesses, with the average attack costing $46,000 and affecting operations, reputation and customer retention.
The top three cybercrimes reported by businesses
- Email compromise: cyber criminals hack into your email address and pretend to be you.
- Business email compromise fraud: cyber criminals send phishing emails to trick you into sending money or company information.
- Online banking fraud: cyber criminals gain access to your online banking and illegally transfer funds.
Australia continues to be a cybercrime target according to the Australian Signals Directorate (ASD), which is due to our relative wealth, increasing online connectivity and services, and general cyber behaviour and awareness.
An easy and effective thing you can do to avoid falling victim is to improve your cyber skills and be aware of reported issues and recommended updates for your devices, programs and apps. Hacks can happen within 48 hours of a vulnerability being reported to your device, and protecting yourself can be as simple as turning on automatic updates.
Australian Cyber Security Strategy
Cyber security is a national priority, with the Australian Government having committed $586.9 million towards the 2023-2030 Australian Cyber Security Strategy. The strategy aims for Australia to be a world leader in cyber security by 2030. It’s designed to improve Australia’s cyber security, manage cyber risks, and better support citizens and small businesses to manage the cyber environment.
What you can do to protect yourself
The Victorian Chamber has partnered with global cyber security leaders Mimecast and Fortinet to make cyber security and awareness simple and affordable for every business.
Together, we launched CyberSimple – a suite of self-paced cyber training programs designed to arm businesses of all sizes against attacks, threats and scams.
With 95% of cyber attacks being due to human error such as clicking malicious links, one simple thing you can do is upskill your employees’ cyber skills and awareness.
About our CyberSimple programs:
CyberSimple Boot Camp
For when you want to upskill your team and build a culture of cyber awareness.
Delivered collaboratively with Fortinet, CyberSimple Boot Camp is perfect for training new starters, refreshing staff knowledge, or for addressing recent incidents. Across 20 modules over five weeks, employees will learn the key concepts of cyber security and their role in practicing cyber safety. Find out more.
CyberSimple Essentials
For when you want to regularly remind your team about cyber safety and best practices.
Delivered in partnership with Mimecast, CyberSimple Essentials is designed to fit any business. The fortnightly episodes will create cyber awareness and remind employees how to keep a business and themselves safe. The entertaining and easy to watch series can be viewed on any device and covers topics from password protection to fraud. Find out more.
For more information about CyberSimple and how the Victorian Chamber can help your business, visit our website or contact our friendly team on 03 8662 5333 today.
