A staggering 60% of small businesses hit with a cyber attack or data breach go out of business within 6 months.
Cyber criminals holding Australian small businesses to ransom
“It’s the old scenario of it’s never going to happen to me, but it goes to show it can happen to you. They hacked all the files on the back-up too,” Mr Manders said.
“It was inconvenient, to say the least. It took us about seven months to pull ourselves out of it.”
Tara and Ed’s Construction Business had their email account hacked and it was only uncovered when they were contacted by a suspicious client.
Fraudsters are stealing from mum-and-dad small businesses by using sophisticated “invoicing scams.”
Ed has been running his local business for more than 35 years, and this week discovered hackers had attempted to defraud his clients out of thousands of dollars.
“I was so stressed out, I didn’t know what to do. I reset the password but I could see from the sent messages they were still using the account so I deleted it,” Tara said.
The ACCC reported a 30 percent increase in the number of business email compromise scams this year.
The average loss per victim sits near $30,000 … the scope for losses can extend to hundreds of thousands of dollars.
Less than 30% of SME reported having suffered a cyber-crime event. Another report found that almost 60% of cyber-crime impacts SMEs.
“This may mean that SMEs were largely unaware that they had suffered a breach.”
Australian National Innovation and Science (NISA) to spend $230 million on cyber security over next 4 years.
Scamwatch is run by the Australian Competition and Consumer Commission (ACCC).
Scamwatch reports Small businesses with fewer than 20 staff were most likely to be targeted by scammers and accounted for more than 50 per cent of reports to the ACCC.
1 million new threats emerging daily
According to a report from Symantec, over 317 million new malware samples were uncovered in one year. This translates to almost one million never-before-seen threats being released into wild on a daily basis.
RBA warns Australia is at higher risk of cyber attacks
Australian businesses and households are at increased risk of cyber attacks, says RBA assistant governor Michele Bullock, and this could threaten financial system stability.
“It can manifest itself in different ways — data theft, system disruptions, data manipulation and financial attacks,” says RBA assistant governor Michele Bullock. “Cyber-attacks are becoming more organised and sophisticated,” she said.
Posted 30 Oct 2018
Advisory Firm PWC’s Steve Ingram speaks with ABC’s Senior Business Correspondent Peter Ryan.
The advisory firm PWC says customer fraud is now the number one economic crime in Australia. “While there’s a cost [for preparedness] the cost of doing nothing is even greater,” says Steve.
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