Why cyber security threats should be a priority
A common misconception is that cyber crime is only a threat to larger enterprises or businesses that are heavily dependant on the internet. However, since businesses have at least one digital component—whether a website, email system, or computerised database — your business could be vulnerable to cyber-attacks.
According to the Australian Bureau of Statistics, around 22% of businesses experienced a cyber security attack during the 2021-22 financial year, compared to almost 8% in 2019-20. The types of cyber attacks included scams, malicious software infecting computers and unauthorised access or use¹.
Identifying key cyber threats
Malware, also known as spyware, is defined as a malicious software program designed to infiltrate systems, steal information, or cause damage. These threats can spread through infected files, software downloads, or compromised websites.
Ransomware attacks have gained notoriety for their disruptive and costly consequences. In a ransomware attack, cybercriminals encrypt an organisation’s data and demand a ransom for its release. Paying the ransom is not a guarantee that the data will be recovered, and it often fuels further criminal activities.
Phishing involves sending fraudulent emails, messages, or websites that impersonate legitimate sources to trick individuals into revealing sensitive information such as passwords, credit card details, or even granting unauthorised access.
Supply chain attacks
Social engineering attacks manipulate individuals into divulging sensitive information or performing actions that compromise security. In the workplace this will often appear as emails from an employer or superior, asking you to provide sensitive information or click harmful links to complete a task. These are fake and the victim is rarely aware until the damage is done.