Australian Businesses Lose $7.8 billion to Cybercrimes

An earlier report in this space, discussed the unwatchfulness exhibited by Australian citizens in adhering to safety processes that would’ve helped skirt cyber-attacks during tax time. A new study now shows that Australian Businesses and organizations too are not taking necessary compliance measures to avoid cyber-attacks that has costed the country an astounding $7.8 billion. Additionally, the incidents have increased by more than 700% since last year.

The threats to businesses and individuals are zooming in from everywhere. Australia’s finance and health organizations are falling for the ruse set up by cyber criminals. Hackers from places like Russia, China and Iran are easily able to trespass and create irreparable dents.

More than 1800 organizations said they had no cyber security governance making them an easy prey for cyber crime groups and individuals like APT10 (Advanced Persistent Threat), members of which are wanted by the US Federal Bureau of Investigations.

Close to 40% of the companies, encompassing a wide spectrum of fields do not provide cyber awareness training to staff and 70% of data breaches happen due to human error.

Other countries have been suspected of breaching Australia’s cyber security. Recent major cyber security incidents have drained bank numbers, tax details, and academic records. According to cyber security firm CrowdStrike, once the credentials of a company have been compromised it can take just 20 minutes for an attacker to begin moving through a network, while on average, a hacker has an individual’s information for 188 days before they know.

“APT10 have hacked IBM, Hewlett Packard Enterprise … they’ve extracted information from major organizations on a global basis to steal IP to enhance their own internal research development in technology, science, pharmaceuticals,” mentions the report.