In its recent report, the Australian Signals Directorate revealed that cybercrime reporting in Australia had risen 23% year on year. In terms of numbers, almost 300 reports were logged every day, a total of 94,000 for the year.
The Annual Cyber Threat Report identified several key trends over the previous financial year, principal among them was the increased threat to critical infrastructure, which saw attacks by state actors leveraging the connected nature of operational technology.
According to the report, the average cost of an incident was up 14% on the previous year, with md-sized businesses suffering most. The average cost of an incident was $97,200 for mid-sized businesses, compared to $46,000 for small business and $71,600 for larger businesses.
Identity fraud, online banking fraud and online shopping fraud were the most often reported crimes against individuals, whilst email compromise and online banking fraud also plagues businesses across the country.
Ransomware continues to be a major attack vector, accounting for around 10% of incidents reported last year. For businesses large and small, supply chain vulnerabilities can be exploited all too easily. The increasingly sophisticated and persistent nature of cyberattacks demands the use of sophisticated, proactive anti-malware solutions.
Commenting on an article published on cyberdaily.au Senetas CEO Andrew Wilson said:
“In the ASD report, we’re reminded of two persistent challenges in the enterprise threat landscape: insufficient patching and the risky overlap of IT and operational technology (OT) networks. As a global leader in this area, we really want to emphasise the importance of specialised network encryption solutions.
These should be exclusively dedicated to security, not split between tasks like routing and encrypting data. This focused approach to encryption is a key factor in our success with the US federal government and Australian defence sectors.
Recognising the threat of compromised IT networks as a backdoor to OT environments is critical, especially for the increasing number of organisations that find themselves falling under the Security of Critical Infrastructure Act. Additionally, encrypting networks and ensuring authentication to prevent malware infiltration are essential steps for robust IT security.
We couldn’t be more pleased to see the ASD report specifically call this out as an area for senior business leaders to consider in the months to come.”