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Major Australian cyber events of 2022
You can find out more about these and other breaches from this official report from the Federal Home Affairs office.
Some companies that suffered major cyber breaches included:
Last year, Australia experienced the most severe data breaches in its history. We had the highest data breach rates per capita globally, says VPN service company, Surfshark. We had 7,387 user accounts per 100,000 breached. Russia was second at 2,568 per 100,000.
You can find out more about these and other breaches from this official report from the Federal Home Affairs office.
Some companies that suffered major cyber breaches included:
A cyber attack can increase your legal liabilities and cause major financial damage to your small business. There will also be impacts on your business productivity, employee morale, and pricing structure. Your brand may not recover, either, which means lost business.
Direct costs include handling immediate repairs and damage, dealing with ransom demands, offering free credit monitoring, and having staff take the influx of customer calls. You may need to discount your products and services or offer them for free for a time, as well as pay fines.
To address the fallout, you’ll probably need to hire experts in IT security, law, risk management, auditing, management, and public relations.
An ACSC survey of small businesses has found the latter know cyber security is important, with almost two-thirds having experienced such an incident. Typically, cyber breaches include malware, viruses, compromised emails and payments systems, data/privacy breaches and denial of service attacks.
But many small businesses face these in-house barriers to proper online security:
As well, about half of small-to-medium-sized businesses spend under $500 annually on cyber security. The ACSC says that shows a groundswell of firms are taking a DIY approach to cyber risk management. Or small businesses may avoid forewarnings not to delegate the task to Generation Z family members or staff.
Your cyber security framework should span these functions: identify, protect, detect, respond, and recover.
There’s no silver bullet to deflect all cyber risks. A good first step is to include cyber risk into your business risk management practices to build resilience. Then, evaluate what type of data you’re holding and the repercussions of losing that data, for example, privacy breaches in respect of customer’s personal information.
Let us guide you on the best-fit options for your business whether you need to review or take out a new policy.
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