10 November 2022
During the 2021 FY, Australian organisations self-reported cybercrime losses of a staggering amount. The Australian Cyber Securities Centre (ACSC) released their FY2021 annual report that included some alarming figures that certainly got our attention… Australian businesses self-reported a $33 billion loss due to cyber security incidents across Australia.
Apart from the substantial financial losses Australian businesses incurred, they also reported costs that extend far beyond the financial implications of cyber security incidents. Non-financial costs included reputational damage, service interruptions and process breakdowns. Cybercrime also poses a major threat and impact to consumer trust and growth.
Some additional figures that came out of the report were:
- An increase of 13% on the previous year of cybercrime reports.
- An increase of 15% on the previous year of ransomware cybercrime reports.
- Approximately a quarter of cyber security incidents reported were associated with Australia’s critical infrastructure.
- An increase in the average severity and impact of cyber security incidents, with nearly half reported categorised as ‘substantial’.
If the recent weeks have shown us anything it is that no sector or industry is immune to the targeted nature or impact of cybercrime and malicious activity in Australia.
So what is Ransomware
Ransomware is a form of malware designed and deployed by cybercriminals who seek out vulnerabilities in organisations, both large and small. It is used to lock up, encrypt and extract data. This renders networks, services and their files unusable. Attacks are accompanied by a demand for ransom to be paid in return for decrypting and unlocking systems. Ransom demands by cybercriminals ranged from thousands to millions of dollars.
Ransomware attacks along with Distributed Denial of Service (DDoS) attacks can be crippling to any business, especially if your business is running critical infrastructure such as a hospital or utility services.
ACSC have released their 2022 report and announced a cybercrime report is logged every 7 minutes. This is in comparison to every 8 minutes the previous year.
What can organisations do
The Australian Cyber Security Centre (ACSC) has some useful resources on recommended steps and actions organisations can take in the event of reporting a cybercrime.
When it comes to cybercrime and security we often get asked the question of how much budget should be allocated for cybersecurity and mitigation capabilities? The one rule of thumb we always stand by is when you are calculating how much it would cost to implement your cybersecurity plan, first you need to ask yourself how much it will cost you to not have one in place.
Finally, Global Secure Layer is a name you can trust. With security and mitigation at our core, we can help you drastically improve your global network reach as well as ensuring your organisation and network is secure. By surgically removing global threats at our network edge before reaching your end systems, we can ensure your network is secure and protected.