As businesses continue to cement their operations into the digital landscape, cyber criminals have adapted their tactics to meet the advancements in technology. Organisations of all sizes now must place greater emphasis on their cyber security. It has become more important than ever to remain vigilant in protecting your sensitive information and digital assets from cyber security threats.
Why businesses need to be more alert to cyber security threats
Like any crime, there may be an instinct to believe that cybercrime is uncommon and you are aware enough of the threats to be ‘above the fray’, giving you a sense of reassurance that you’re unlikely to be affected. However, the data shows that cybercrime is more prevalent than you might think.
According to the Australian Cyber Security Centre (ACSC), in the 2021-22 financial year there was a rise in the average cost per cybercrime to over $39,000 for small business, $88,000 for medium business, and over $62,000 for large business. This was an average increase of 14% from the previous year. During that time, there were over 76,000 cybercrime reports, a report every seven minutes on average. This was an increase of 13 per cent from the previous financial year.
Key types of cyber threats to be aware of
Phishing attacks
Phishing attacks remain one of the most prevalent and effective methods used by cybercriminals. These attacks involve 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.
Ransomware
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.
Malware and spyware
Malware and spyware are malicious software programs designed to infiltrate systems, steal information, or cause damage. These threats can spread through infected files, software downloads, or compromised websites.
Social engineering attacks
Social engineering attacks manipulate individuals into divulging sensitive information or performing actions that compromise security. These attacks can involve impersonation, pretexting, or manipulating your emotions. In a workplace context, this often takes the form of fake emails that appear to be sent by an employer or superior, asking you to provide sensitive information or click harmful links to complete a task.
Supply chain attacks
Cybercriminals often target a business’s supply chain to gain unauthorised access. This can be successful if there aren’t suitable or agreed-upon security requirements for everyone along the supply chain. Weaknesses in third-party vendors or suppliers can be exploited to breach an organisation’s security.
How to improve your business’ defence against cyber security threats
In the face of these threats, taking proactive steps to enhance your cyber security is imperative. Here are some cyber security strategies to protect against threats.
Conduct a cyber security audit: A cybersecurity audit is a proactive and systematic approach to assessing your business’ security measures, identifying vulnerabilities, and ensuring compliance with regulations. It is a critical component of your overall risk management strategy and is essential for protecting sensitive data, maintaining business continuity, and upholding customer trust.
Education and awareness: Stay informed about the latest cybersecurity threats and best practices. Regularly educate yourself and your family members about potential risks and how to identify suspicious activity.
Strong passwords and authentication: Use strong, unique passwords for each online account and enable two-factor authentication (2FA) whenever possible. This adds an extra layer of security by requiring a secondary form of verification.
Update software and back up data regularly: Keep your operating systems, applications, and antivirus software up to date. Updates often include security patches that address known vulnerabilities. It’s also important to regularly back up your important data to an external source in the event of a ransomware attack or data loss.
Stay alert, stay cautious: Exercise caution when clicking on links or downloading attachments from unknown sources. Verify the legitimacy of emails and messages before sharing any personal information.
Secure your network: Protect your home network with a strong, unique password. Consider using a firewall and encrypting your Wi-Fi network to prevent unauthorised access.
Get ahead of threats by arranging a cyber security audit with O-Tech
Auditing your resilience to cyber security threats may seem daunting without the right support. Fortunately, that’s where O-Tech comes in, with a comprehensive cyber security audit program designed to keep you in business amidst any potential threat. We can help review your compliance to regulatory requirements, third-party relationships and security awareness, and provide solutions that help with risk identification and mitigation, data protection and privacy, business continuity and early detection of threats.
We’ll work with you to get equipped to harness the power of the digital landscape without the fear of cyber threats.
Find out more & register for your free Cyber Security Audit here.
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