Cyber Crime – “It won’t happen to me”

By Tina Zawila

Cyber Crime, Cyber Attack, Cyber Threat, Cyber Security, Cyber Resilience… all terms commonly referred to in our daily lives – personally and professionally.   To the point where we could be at risk of complacency and “it won’t happen to me” thinking.   However, this is an issue that must stay front of mind.

Lately, I have noticed a change in the language used when discussing Cyber, a move from Cyber Security to Cyber Resilience.  I believe this nuanced distinction is highlighting that using the term “Cyber Security” may indicate that the cyber activities, systems, policies and procedures provide the illusion of “security” - that the doors and windows are locked once and for all and that we are somehow impenetrable.  However, in reality, the pace and intelligence of cyber criminals is evolving and advancing minute by minute, and that deadbolt that you had in place before now looks like a paperclip.

Therefore, the term “Cyber Resilience” seems to be the new reference, which essentially indicates that you or your business has put in place all of the available security measures, but you have also considered how you would react and respond if and when your security is penetrated, and a threat or breach becomes a reality.  How quickly can you or your business recover from a cyber event and the length of time it will take for you to return to normal operations.  So instead of only focusing on prevention, we are prepared for a cyber event, and we know exactly how we will deal with it in advance.

The Australian Signals Directorate’s Cyber Threat Report 2022-23 identified the top 3 cybercrime types for individuals as; identity fraud, online banking fraud and online shopping fraud.  For businesses; email compromise, business email compromise (BEC) fraud and online banking fraud.   It also noted that in one year the average cost of cybercrime per report went up 14% to $46,000 for a small business, $97,200 for a medium business and $71,600 for a large business.  Can you afford this?  For most small and medium businesses those numbers are eye-watering and therefore, it is worth investing time and dollars in Cyber Security and Resilience in an effort to minimise the risk and exposure.   Cyber Insurance should also be investigated and considered.

Don’t naively think that this will never happen to you, chances are it will. 

Protect yourself and be prepared.

If you need professional advice to protect and grow your business, contact the experienced team at UHY Haines Norton Gladstone on 07 4972 1300.