Staying on Top of Cyber Security in 2024

Staying on Top of Cyber Security in 2024

Cybercrime continues to be a major threat to businesses across Australia.

According to the Australian Signals Directorate (ASD) Cyber Threat Report 2022-2023, the Federal Government’s online cybercrime reporting service, ReportCyber, received nearly 94,000 reports in the last financial year.

This staggering number highlights the growing danger, and while large corporations tend to dominate the headlines, small and medium enterprises (SMEs) are not immune to the threat.

In fact, cybercriminals are increasingly targeting these businesses with the same intent to disrupt and defraud.

A Growing and Sophisticated Threat

Cybercriminals are becoming more adept at using advanced technologies to exploit vulnerabilities.

As Steadfast’s Chief Information Security Officer Alexander Moskvin notes, artificial intelligence (AI) has become a key tool for hackers.

“Artificial intelligence can enable even ‘junior hackers’ to create sophisticated social engineering campaigns, featuring fake voice and video,” he explains. “Even the smartest and most sceptical of targets can potentially be taken in.”

This alarming trend is compounded by the fact that millions of Australians have had their personal information – such as email addresses, mobile numbers, and identity data – leaked to the dark web.

These breaches provide cybercriminals with the tools they need to hone in on potential victims with increasing precision.

Additionally, businesses face growing risks from supply chain attacks, which give hackers access to the systems and data of the victim’s partners and customers. “More hackers are starting to focus on this section of the ‘market’ – to the point that supply chain attacks may soon be offered as a service on the dark web,” Moskvin warns.

Strengthening Your Defences

Given the potential impact of a cyberattack, prevention is always better than cure.

Cyber insurance can help mitigate the financial damage, but businesses need to be proactive in fortifying their defences. Here are several key strategies that can reduce the risk of falling victim to cyberattacks:

1. Adopt the Essential Eight
   The Essential Eight is a set of mitigation strategies developed by the ASD that includes actions like prompt patching of applications, implementing multi-factor authentication, and running regular data backups. While not foolproof, these straightforward steps can make a business a much harder target. According to Moskvin, “Hackers will be more inclined to look for another victim whose systems offer an easier ‘in’.”
2. Appoint a Cyber Owner
   Cybersecurity cannot be a shared responsibility without clear ownership. Appointing a designated individual to oversee cyber initiatives ensures that these measures are implemented and reviewed regularly. Without this role, cybersecurity risks may fall through the cracks as everyone assumes someone else is managing it.
3. Evaluate Third-Party Security
   The systems and technologies provided by your suppliers and partners should be carefully assessed for vulnerabilities. “Unfortunately, there are plenty of insecure systems on the market, so it pays to do your homework,” Moskvin advises.

Cyber Insurance – A Safety Net for Your Business

Despite your best efforts, a major cyberattack or data breach can still occur, resulting in significant disruption and financial loss.

Cyber insurance offers a safety net, helping businesses recover and rebuild. To find the right policy that suits your business and its risk profile, contact your broker today.

Important Notice:
This article contains general information rather than financial advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation, or needs. You should consider the appropriateness of the information, taking these matters into account, and seek appropriate financial advice before acting on any information.

Steadfast Group Ltd ACN 073 659 677

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