Cyber Security and Cybercrime
What are the risks to your business?
Did you know that the world’s fastest growing economy after the USA, and China, does not belong to a country, it belongs to cybercrime – that is; criminal activity undertaken by cybercriminals or hackers that want to make money by targeting a computer, a computer network, or a networked device. This crime is expected to cost the global economy $6 trillion annually by 2021, as compared to $3 trillion in 2015.
The number one target for cybercrime is small to medium enterprises (SMEs) – like yours (and mine!). A cybercrime is reported every 10 minutes in Australia, and 1 out of 3 Australian adults are affected by cybercrime.
This frightening information is exacerbated in the current post COVID era where more staff are working from home, thus businesses cannot effectively oversee protection of company devices and networks.
60% of SMEs will fail within six months because of a cyber-attack.
70% of cyberattacks are directed at small businesses.
In 2019, a single data breach cost a business an average of $200,000 (*CNBC). Aside from the financial cost, and the potential for businesses to be forced to close – legislation protecting the sharing of personal information and company data could also see businesses being liable now not just for damages to their own business and customer data breaches but also their online partners (third parties).
To date – understandably time poor managers and business owners have simply made the best choice of options they are aware of given the complexities and changes to the cybersecurity landscape, and the rapidly evolving intelligence of hackers and scams. For example, for many small businesses their current level of cybersecurity is probably unable to protect against ransomware. Firewalls can’t see ransomware enter or data leave because it is encrypted, and antivirus software is typically unable to detect these modern threats. In some cases, antivirus software is actually being used to deploy the ransomware that encrypts the data. ~Forbes