In today's interconnected world, where technology drives business operations, the threat of cyber attacks looms larger than ever before. Data released by the Australian Bureau of Statistics (ABS) reveals a concerning trend: cyber attacks on businesses have seen a significant increase over the past couple of years.
The Growing Menace
The ABS data indicates that the number of Australian businesses experiencing cyber attacks has risen sharply. In the 2021-22 financial year, more than 22 percent of businesses fell victim to cyber attacks, a substantial increase from the 8 percent reported in 2019-20. These attacks encompass a variety of malicious activities, including scams or fraud, malicious software infections, and unauthorised access or use.
Impact on Businesses
While the number of attacks has surged, the data reveals a slight silver lining: in 2021-22, just over half of the affected businesses reported negative impacts, compared to more than 80 percent in the previous year. However, it's crucial to remember that any cyber attack, regardless of its scale, can have detrimental consequences for businesses.
Consequences and Disruptions
The ABS data sheds light on the repercussions of cyber attacks on businesses. According to the data, 34 percent of businesses reported time losses due to managing cybersecurity incidents. Additionally, 18 percent experienced downtime of services, and 17 percent suffered a loss of staff productivity. These disruptions can have significant financial implications and hamper the overall efficiency of business operations.
Mitigating Cybersecurity Risks
To combat the growing threat of cyber attacks, businesses must take proactive measures to protect their digital infrastructure. The ABS data highlights several key practices that businesses should adopt:
1. Regularly update virus protection software: Over 60 percent of businesses reported implementing regular updates to their virus protection software. This is a fundamental step in staying ahead of emerging threats.
2. Back up critical data: Approximately 37 percent of businesses regularly backed up operations-critical data. Creating secure and encrypted backups ensures that in the event of an attack, data can be restored without significant loss or disruption.
3. Implement identity access management: Only 20 percent of businesses had identity access management systems in place. Such systems help control and monitor access to sensitive information, reducing the risk of unauthorised breaches.
4. Provide cybersecurity awareness training: A mere 13 percent of businesses offered cybersecurity awareness training to their staff. Educating employees about potential threats, safe online practices, and how to identify and report suspicious activities is vital in preventing successful cyber attacks.
With cyber attacks on the rise, it is crucial for organisations to prioritise the implementation of robust cybersecurity measures. By regularly updating virus protection software, backing up critical data, implementing identity access management, and providing cybersecurity awareness training, businesses can bolster their defenses against potential threats. Safeguarding your business in the digital age requires a proactive approach and a commitment to staying one step ahead of cybercriminals.
Ronan Analytics and Secure Konnect Cyber Security offer a formidable alliance to empower businesses with robust cybersecurity solutions. Our tailored solutions address vulnerabilities across your IT infrastructure, offering proactive threat intelligence, 24/7 monitoring, incident response, ongoing support, and comprehensive employee training.
