Whilst many organizations are opting for hybrid work options, cyber security of global systems has had to face key challenges. The Australian workplace is no exception. Cyber Security threats in Australia have escalated as businesses adopt remote work. Hence, Cyber Security is a must to curb challenges that prevent secure work and online data exchange. Critical infrastructure threats can undermine operations, often creating massive outages and costs for re-establishment.
What is Cyber Security?
Cyber Security is a robust technology framework applied to IT systems, data, networks, programs, and sensitive information of online businesses. Protecting the Critical Infrastructure of a Company is essential. It will help in the prevention of financial, data, reputation, and loss, etc. It is also essential to secure the data of employees and prevent them from falling for any kind of cyber-attacks. Cyber Security shields your organisation’s digital presence with advanced, durable technology, preventing hackers from intruding.
It is divided into Cyber Security and Information Security though the line between the two is blurring. The former secures systems, networks, programs, and networks, while the latter secures sensitive information and company data.
Importance of Cyber Security in Australia
2021 saw a rise in cyber security threats in Australia with the country ranking third after Singapore and India. The ransomware attacks are making headlines in the country with the government taking severe measures to curb Cyber Crime. The article talks about the different types of Cyber Security threats faced by businesses in Australia. It also offers expert solutions on how they can implement strategies for keeping their business and information safe.
Types of Cyber threats faced due to Remote work transition
Cyber thieves are on the hunt for important data or company information. They use Ransomware – a malicious software that holds your data as a hostage and demands a ransom aka price for its release. The data is encrypted, and the victim is locked out of his/her computer and loses complete access to all the files. Also, the hacker’s demand for money doesn’t guarantee you might get access to your files again!
Ransomware tops the cyber data breach in Australia and has been a cause of concern. Organizations with sensitive information are a soft target of ransomware attacks.
As of 2021, 67% of businesses in Australia were victims of a ransomware attack. Reports suggest that a Australian company paid an average of $1.25 million to recover data theft. The ones who chose not to pay had to face a downtime of 16 days. This costed them $2000 per hour. Ransomware cost the world $20 billion in 2021. That number is expected to rise to $265 billion by 2031. The Ransomware attack on Australia’s JBS Foods 2021 is an example of the threat the virus has on the country’s businesses.
The recent Crimes Legislation Amendment Bill to the government’s Ransomware Action Plan was announced on 13 October 2021. It has proposed to punish cyber criminals with a jail of 25 years stealing Critical information. The government might also force organizations to reveal ransom payment details. Cyber security breaches can be penalized. The government’s this decision comes in light of the increasing ransom attacks in the country that need to be curbed. Several other proposals of the government aim to update the Crimes Act 1914, Criminal Code Act 1995, and the Proceeds of Crime Act 2002.
As per the Federal Budget 2022-23, the government of Australia granted a 20% percent tax deduction on the cyber security expenses. This will motivate organizations to secure their systems and prevent cyber-attacks.
Cloud Jacking is another Cyber Security threat, organizations have been facing after their businesses transition completely to the cloud. In Cloud Jacking, a hacker takes over access to your company’s cloud account. He can send or receive mails, data, etc., on your behalf. The remote work formats have led to Cloud Jacking with cyber criminals being on the hunt for finding a victim. Organizations with weak security systems can fall prey to this form of online threat that can compromise the Company’s important data.
Early consultation with an experienced Cyber Security consultant can prevent an organization from being a victim of Cloud Jacking. It is also essential that employees are trained on the usage of Cloud services and security tools like SEE, as they are the soft targets of Cybercriminals. The Cloud system structures shall be in tune with the security updates to prevent any kind of breach. Machine learning can also help in securing cloud networks.
Supply Chain Attacks
Supply Chain Attacks involve cyber thieves exploiting trusted third parties to attack systems. They use credentials or non-secure systems to carry out their purpose. The myth that top priority assets are the main targets of cyber criminals, needs to be changed. The hacking game has also evolved with technological developments and these thieves have found indirect methods to acquire access to systems. Hence, it is a priority to secure third-party services associated with a Company to avoid Supply Chain attacks. Also, a simplified network would help where the users are trained on its usage. SASE (Secure Access Service Edge) Architecture is a single holistic service that needs to be implemented by businesses to simplify the security offered to both networks and networking.
Socially Engineered messages
In Social Engineered messages, cyber thieves send Socially engineered messages to emails, messages, etc., to get sensitive information, user credentials, or make users click on a link to visit a website or ask for bank details for an amount won in a lottery, etc. The messages are designed in such a way that they come across as professional messages sent by legitimate organizations. Cyber criminals target employees who have access to financial, law, HR, security and sensitive company information. To prevent this, individuals must not click on the link provided in the mail. They must inform the IT team about the same.
The pandemic gave loads of content for cyber criminals, for sending fraudulent business emails, and conducting SMS phishing campaigns. Covid-19 phishing emails, shopping scams, Superannuation scams, etc., were key spams, that many Australians became a victim of.
In Australia, cyber-attacks comprise Data breaches (52%), phishing scams (48%), and malware attacks (40%). There were $33 billion self-reported Cyber Crime losses, and 132 million lost from business email compromise scams during 2020-2021. There were 63% of confirmed data breaches that involved weak, default, or stolen passwords.
Basic Security Measures on Individual level
Each employee can contribute in the fight against Cyber threats. All they have to do is to follow the basic security practices as mentioned below:
Default System Security
Organisations must configure the security settings for their employees that comes along with the system. The software/hardware providers have configured security measures in your laptop that can be configured.,
It is the need of the hour to secure your account from hacking. The name itself defines this security option. In two-factor authentication, two different types of identification information have been provided by the user to access the account or system. On enabling two-factor authentication, a hacker won’t be able to hack your account or system despite having your password. You will get a mail or SMS, whenever someone is trying to breach into your account. You just don’t have to click on the link received to prevent hacking.
Cloud platforms have a backup and recovery system designed to store them. You can recover and restore them when there is a cyber-attack, and you won’t lose access to files. But, you are completely responsible for the content you store and the platforms have no authority.
Need for ISO27001 Certification
ISO27001 is an international standard that offers a set of rules, businesses must comply with in order to protect their information. It caters to the three areas of information security as mentioned below. An experienced Cyber Security consultant can help organisations in achieving the same.
How can Anitech help?
For implementing a robust, secured, and durable network for your business, you need an expert consultation. Anitech has a reputation for offering pioneer Cyber Security Solutions to top organizations in Australia. It is a leading consulting firm that knows the impact of Cyber Security threats on organizations. Our detailed process will update your systems to meet the security standards essential to get them ISO27001 certified. We will continue to assist you after certification.
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