Why Cyber Security Needs More Focus Than Ever

In recent months we are witnessing a sharp uptick in the number of cybersecurity events all over Australia. In September, this year, Defense Minister Linda Reynolds warned that we are facing a “new normal”, as Australia released its first cybersecurity threat report which indicated 4,500 hacking attempts in a day. While we may have thwarted many hundreds of direct attacks both locally and overseas, we must remain vigilant. It is necessary to understand why cybersecurity is important for your business.

Why is Cyber Security so crucial for your business?

A single cyber event can cause immeasurable damage to a business in terms of reputation, interruption to business and cost.

Let’s look at some statistics to understand why cybersecurity is so important for business

The Australian Cyber Security Centre’s (ACSC) cyber threat report reveals that it responded to 2266 cybersecurity events in 2019-20. It included phishing emails, targeted reconnaissance and malicious software which affected larger businesses, supply chains and government organisations.

In October 2019, a malware named Emoted targeted sensitive personal and financial information, and at its apex, it recorded 4,500 attempts in one day.

Another notable spike was in April 2020 relating to a bulk extortion campaign, resulting in 3,876 cybercrime reports. During this time, Australia’s Cyber Intelligence Commission (ACIC) also reported an increased number of cases of criminals taking advantage of COVID-19 situation.

According to the Department of Home Affairs statistics for 2019,

  • Australian businesses incurred a cost of $29Billion from cybercrime.
  • $276,323 is the average cost to a business per data breach.
  • It takes 23 to 51 days to resolve an attack.

Recent surveys also show that hackers no longer attack just larger businesses and organisations; they increasingly attack smaller businesses. Most SMBs have vulnerable networks, and cybercriminals take advantage of this fact to piece together credentials to get into more secure systems. Cybersecurity officials are also concerned about an increase in ransomware cases.

Focus on Security – The Computing Australia way

Antivirus software is no longer a single line of defence. Hackers are getting smarter, and we have seen the clever use of social engineering techniques to penetrate a network using a business’s own staff in multiple instances. The resilience and integrity of an organisation is only as strong as its weakest link, so a broad-based approach to security that involves software, hardware and training is strongly recommended.

Computing Australia understands how cybersecurity is important for your business and that is why our cybersecurity services is designed as a comprehensive suite. Our cyber auditors offer both internal and external penetration testing to ensure your business can withstand a malicious attack or even an unlucky accident through lack of awareness.

To further strengthen our Cybersecurity services, we welcome onboard Kat Warzek, who has recently been appointed to head up our Cybersecurity Consulting Team. Kat is a graduate of the Rochester Institute of Technology and has a wealth of experience in information security risk management & IT system auditing/forensics. Under Kat’s guidance, we have endorsed a goal of ISO Compliance wherever possible.

ISO Compliance ensures our clients get the benefit of the most affordable solution while being able to put their funds into resilience instead of paperwork. At a later stage, clients have the option of going for full ISO Certification, knowing that their systems will withstand a full external audit.

We understand that in these tough times, businesses have many competing demands for their attention and expenditure. Still, cybersecurity would be the number one priority we would encourage you to focus on. Cybersecurity is important for your business as a cyber incident causes financial losses as well as loss of reputation. Our Cybersecurity consulting team can help you protect against these risks. You can contact us or email at cybersecurity@computingaustralia.group. Our cybersecurity experts in Perth are always available to assist you.

Computing Australia is a member of The Computing Australia Group of Companies

Jargon Buster

Phishing – Attempt to fraudulently obtain sensitive data, especially usernames and financial data. The attackers disguise themselves as trustworthy entities.
ISO – International Organisation for Standardization – The world’s largest developer and publisher of International Standards.
ISO Compliance – Adhering to requirements of ISO standards without the formalized certification process.