Australian businesses warned to brace for spike in cyberattacks

Cybersecurity experts are warning a wave of cyberattacks targeting Australian business and government is imminent in the wake of Australia’s political tensions overseas.

Australia’s alliance with the United States puts it directly at risk from cyber hackers in the wake of Ukraine’s ongoing standoff with Russia.

Lawrence Patrick from leading cybersecurity firm Zirilio said Australia’s alliance with the United States makes it a target with hackers trying to access US data that Australia would be privy to.

“It’s not only Federal Government agencies but also local government, schools, hospitals, not for profits and businesses in all industries that need to be prepared,” said Mr Patrick.

“Whilst not directly involved in the conflict, Australian business may be sought out by hackers eager to create destabilisation made easier with cyber crime now automated.

“Most cyber attacks take less than 60 seconds with the hackers in and out, often  without business owners realising on average for six months that a hack has even occurred.”  

The Australian Cyber Security Centre (ACSC) estimates cybercrime has cost Australian businesses and individuals $33 billion over the past year. 

Over the 2020–21 financial year the ACSC received over 67,500 cybercrime reports, an increase of nearly 13 per cent from the previous financial year. The increase in volume of cybercrime reporting equates to one report of a cyber attack every eight minutes compared to one every 10 minutes last financial year. 

“The transition to remote working has also helped fuel the rise in successful ransomware attacks with a lot more open doors to access networks through employees’ home networks.

“It’s very easy to spoof someone and exploit their credentials to break into a network.”