How secure is your business against cybercrime?

Each and every day individuals, large companies, and small businesses are seriously affected by cyber security breaches.

As busy business owners, we understand that you have a lot on your plate - however, when it comes to protecting your business against cyber crime, it’s a task that must go right to the top of your to-do list.

To put it bluntly, a Cyber security incident in a small business can be devastating.

So, what can you do?

You as a small business owner can play a part to help stamp out large amounts of Cyber Crime.

How?

By becoming aware of common cybercrimes and doing what you can within your business to protect yourself.

A bit of invested time now may prevent you or your business from becoming a statistic...

During the 2020-21 Financial Year the ACSC observed:

• Over 67,500 cybercrime reports, up 13% from the previous year
• losses from cybercrime totalling more than $33 billion
• 1,500+ reports per month of malicious cyber activity related to the coronavirus pandemic. That’s about 4 per day
• More than 75% of pandemic-related cybercrime reports resulted in Australians losing money or personal information
• Almost 500 ransomware reports, up 15% from the previous year
• Online shopping scams and online banking scams were among the top reported cybercrime activities

Source: ACSC Annual Cyber Threat Report 2020-21 | Cyber.gov.au

What are the Most Common Cyber Threats?

The Fake Invoice Scam or Phishing

Let’s start with arguably the most popular phishing template out there - the fake invoice technique! Phishing emails are used by cybercriminals and are created to look like official messages, mimicking phrasing, and logos from well-known organisations.

Like many phishing attacks, this scam relies on fear and urgency, pressuring an end user to submit a payment for goods or services they’ve never even ordered or received.

To verify if an email or message is legitimate, find a source you can trust! Visit the official website or call the advertised phone number. Do not use the contact details provided in the email or message, as these could be fraudulent also!

Business Email Compromise

Email account compromise, or email account takeover, is a related threat that is increasing in an era of cloud-based infrastructure. These scams are difficult to detect and prevent. They can leave businesses vulnerable to other types of attacks, potentially compromising systems with businesses experiencing significant financial loss and/or loss of personal information.

Ransomware

Ransomware attacks are typically conducted via malicious – but legitimate-looking – email links or attachments in which an attacker seizes the user’s data, folders, or entire device until a ‘ransom’ fee is paid.

These cybercrime examples are the tip of the iceberg! There are many more which you can keep abreast of via ACCC Scamwatch https://www.scamwatch.gov.au/

How Cyber Mature is Your Business?

The ASCS has developed an Assessment Tool to help you:

• identify the cyber security strengths of your business
• understand areas where your business can improve
• know how to improve your cyber security and where to find help

We strongly recommend that you give it go: Cyber Security Assessment Tool | Cyber.gov.au