Cyber crime in Australia doubled in 2016

Mar 29, 2017 | 5:40 pm

Published by | Payal Gautam

The rate of cyber crime in Australia had doubled in the past 12 months, with increased and more companies discovering security incidents within their organizations.

A newly released cyber security report by Telstra found that almost 60 percent of local firms surveyed detected securities occurrence on at least a monthly basis in 2016.

This study, commissioned by Telstra and conducted by Frost and Sullivan, selected 360 senior IT commanders and C-suite executives across Australia and Asia to research the current internet security landscape and notify businesses how to best manage and mitigate their cyber risks.

Telstra security solutions director, Neil Campbell, said as the amount and variety of linked devices and applications continue to proliferate, and IoT and virtual cloud conditions emerge, the surface area for cyber security risks has been growing quickly.

“We are seeing rises in security risks across the board. More than half of most businesses experienced a ransomware attack previous year – 30 percent of Australian businesses surveyed have had a business email compromise and the number of allocated Denial of Service (DDoS) networks attacks are up by more than two hundred percent, ” this individual said.

According to Campbell, Australia’s high uptake of technology, combined with the economic strength, makes the country one of the “leading targets in the world” for cyber crooks. This was supported by findings of the record, which indicated that Australia was the top focus on for malware in the Asia-Pacific region last yr.

“Australian businesses must take steps to protect themselves, but cybersecurity is a team sport demanding business, government, communities and consumers to work along to create a more cyber-secure nation inch.

The research also found that ransomware was the most downloaded malware in the Asia-Pacific region in 2016, with about sixty percent of Foreign businesses experiencing at a minimum one ransomware incident within the last 12 months and 24 percent experiencing one monthly.

Alarmingly, of the respondents that experienced a ransomware incident, those based in Australia were more likely to pay the ransom than those in Asia. But one in three Australian firms that did pay a ransom did not restore their files.

“Many firms are going for to pay a ransom, that can be a significant sum of money in the expect to restore their business operations. The reality is, there is absolutely no honor among robbers and in case you pay the ransom, there is no guarantee you will restore your files or clear yourself of the harmful software, ” Campbell added.

The report also available that executive involvement in cyber security initiatives had more than doubled in the past 12 months and most businesses were planning to increase their IT security spending.

Specifically, it explained that the number of businesses where C-level was directly in charge of their organizations’ security grew from 19 percent in 2015 to 61 percent in 2016. The record also confirmed more than 60 percent of senior executives across the Asia-Pacific region have a “high involvement” in their organizations’ cyber security projects.

In the attempt to help Australians secure their businesses and personal data, Telstra will be beginning two new Security businesses Centres – one in Sydney and one in Melbourne – later this year to support a brand new suite of Managed Security guard services.

Source: www.arnnet.com.au