The Australian Cyber Security Centre’s (ACSC) latest Annual Threat Report found that during the 2021-22 financial year, one cybercrime was reported every seven minutes, a 13% increase from the previous financial year.
At this week’s GMC Connect, members learned from experts from Barwon Health, KPMG and Watchguard which organisations are being targeted by cyber crime, and important mitigation and response strategies. Members heard that, while their organisation may not be a primary target, they can be targeted to provide entry to supply chains. According to ACSC, medium sized businesses (20-199 employees) lost an average of $88,407 per cyber crime report in 2021-22 (compared to $62,233 per report for large businesses). Manufacturing is in the top 10 sectors targeted by cyber criminals.
October is Cyber Security Awareness Month, and ACSC encourages businesses to ‘Be cyber wise – don’t compromise’. They suggest four simple steps you can take to be cyber wise and significantly boost your cyber security:
- Update your devices regularly
- Turn on multi-factor authentication
- Back up your important files
- Use passphrases and password managers
The ACSC provides a number of resources to help businesses learn how to protect themselves here: https://www.cyber.gov.au/about-us/news/Cyber-Security-Awareness-Month-2023