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Australians lost a whopping accumulated amount of $100 million due to cyberattacks.
The cyber security agency has recently released its latest report on cybersecurity. The said report showed how vulnerable Australian businesses are to malicious data entries. As companies are busy with their day-to-day operations, hackers are also preoccupied with devising ways to breach their systems.
The cyber security agency has received more than 76,000 reports compared to the last financial year from 2021 to 2022. There is a 13 per cent increase in their cybercrime recorded cases. Meanwhile, the software vulnerabilities received also escalated to 25 per cent.
In terms of compromised emails, many Australians are tricked into wiring money to hackers pretending to be legit financial institutions to subscribed recipients. An average $64,000 loss for each person is equivalent to $100 million.
The fraud transactions include soliciting payments using credible-looking emails like a real estate mortgage bill.
Everyone should be vigilant, as per Deputy Prime Minister Richard Marles. “Cyberspace is a lot more challenging environment. There are a lot of pickpockets out there, but this can happen on a grand scale,” he told ABC radio.
“There are simple steps that people can take to keep themselves safe.”
This includes not clicking on links in text messages or emails, staying up to current on software upgrades, and being more cautious with personal data. Marles stated that the government is actively investing in cyber security to modernise systems and is considering a public education campaign.
According to the survey, a small firm loses $39,000 on average, while a medium business loses $88,000 due to cyber attacks. The average loss was $112,000 in Western Australia and $26,000 in the Northern Territory.
The average loss in New South Wales was nearly $70,000, with losses in all other states and territories hovering around $50,000. However, Commonwealth and state government networks are the most vulnerable, accounting for over a third of all cyber incidents.
Healthcare systems were the following significant targets, owing to cyber thieves targeting vulnerable organisations more likely to pay ransoms to regain access to their data.
The Australian Cyber Security Center says, “Update devices to protect important information, activate multi-factor authentication, regularly backup devices, set secure passphrases, and report scams and watch out for threats.”
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