Cybercrime- A growing concern for Australian Business

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26
Sep

Cybercrime- A growing concern for Australian Business

26.09.17

As businesses rely more and more on technology cybercrime has become a growing concern for organisations not only globally but locally too. Increasingly, businesses in Australia are facing cyber-threats and data breaches are becoming a matter of daily headlines.

Recent statistics shows that since the end of 2014, more than 114,000 reports of cybercrimes have been registered with the Australian Cybercrime Online Reporting Network and more than 23,700 alone were reported in the past six months.

Cyber-attacks have serious ramifications, which in extreme situations can lead to a complete halt of business operations for a considerable amount of time. The recent cyber attack on one of Australia’s iconic businesses in Hobart, the Cadbury Factory, affirms this impact.  If you lose customer and purchase order information or invoice data, you could miss orders, lose customers and blow out working capital. Your client  may lose confidence in your business because your organisation’s resilience to a cyber threat was not adequate. ASIC has been urging companies to review their exposure to cyber-attacks and their plans for more cyber security. ASIC also has released a number of articles and reports on cyber security and resilience on their website.

There are ways to protect your business and reduce the risk of cyber attacks by being defensive (preventative) and progressive by actively identifying the risk and adapting to the risk. Actions include:

  • Invest in security and backup -  This is about being proactive and reducing the consequences of an attack – which, of course, is better than finding out your systems are deficient and having to suffer excessive downtime, or paying a ‘ransom’ for critical data to be decrypted or returned. Create timely backups, so your data can be restored efficiently in case you have been hit with a cyber attack
  • Protect your information system by continuously
    • updating your antivirus programs and firewalls
    • upgrading your operating system with the latest security patches
    • ensure that there is a cybersecurity policy and contingency plan in place and that it is shared amongst your staff – according to leading industry and government reports, over 90% of cyber-attacks use information stolen from employees who unwittingly give it away
    • invest in your teams’ cyber resilience through awareness programs.

ESV is able to assist your business in minimising the risk of cyber attacks and enhance cyber resilience in a number of practical ways including:

  • Reviewing and providing feedback on the logical access of your information systems
  • Analysing data and reporting on unusual or suspicious transactions during a selected financial period and providing recommendations; or
  • Working with our alliance partners to identify and prepare defensive positions and loss mitigation with insurance.

If you are interested in attending a training session with ESV to help you with cyber security please click here. Should you need assistance or like to discuss, please call Tim Valtwies and Edward Chow on 02 9283 1666.