Small Businesses at Increased Risk of Cyber Attacks, New Report Highlights
Small business cyber crimes increased by 8 per cent on the previous year with incidents costing an average $49,600
Complacency is not an option when it comes to the ever-increasing cyber security threats, and the Australian Signals Directorate (ASD) 2023–24 Annual Cyber Threat Report highlighted the latest statistics and important work being done.
Of the more than 87,400 commercial cybercrimes reported last financial year, the financial and insurance services industry accounted for 4 per cent, while the federal government topped the list with 37 per cent.
While some indicators in the report showed a drop in self-reported business cybercrimes, small business self-reports increased by 8 per cent on the previous year with incidents costing an average $49,600. It also stated that business email compromise was among the most commonly reported cybercrimes and companies lost almost $84 million due to email fraud incidents, which equates to an average of more than $55,000 for each confirmed event. Ransomware and data theft extortion also remained a pervasive and costly threat.
The ASD emphasised that cybercrime was persistent and disruptive as cybercriminals constantly adapt to new opportunities, such as AI which is increasingly being used for more sophisticated and targeted attacks. To address growing cyber threats, the ASD is actively collaborating with industry and government partners to share intelligence and expertise to build cyber resilience and make Australia a harder target.
In FY2023-24, the ASD notified entities more than 930 times of potential malicious activity on their networks.
The ASD’s advice for organisations to help build cyber resilience includes:
Have a cyber security incident response plan and test it regularly
Know your organisation’s systems and where the most valuable data is stored
Consider replacing unsupported information and communications technology with secure-by-design products
If an incident occurs, call the Australian Cyber Security Hotline, which is contactable 24 hours a day, 7 days a week, via 1300 CYBER1 (1300 292 371)
You can access the ASD 2023–24 Annual Cyber Threat Report here.