Common threats

Cyber threats

Cybercrime is a risk to all businesses.

The Australian Signals Directorate's ASD Annual Cyber Threat Report 2023-24 identified:

• the top 3 cybercrimes reported by businesses were:
  • email compromise resulting in no financial loss
  • online banking fraud
  • business email compromise (BEC) fraud resulting in financial loss.

The average self-reported cost of cybercrime to businesses:

• $49,600 for small business
• $62,800 for medium business
• 63,600 for large business.

Malware

Malware is malicious software that cybercriminals use to harm your computer or network and can enable theft of data.  Read more on the Australian Government's Australian Signals Directorate (ASD) website.

Ransomware

Ransomware is a type of malware that locks your computer files so you can't access them. A ransom is demanded to restore access or prevent the files being published.  Ransomware is the most devastating cyber incident. Read more on the ASD website about how to prevent against ransomware.

Business email compromise (BEC)

BEC is a form of targeted phishing.

Cybercriminals use email to trick employees to scam them out of money or goods.

BEC attacks

In a BEC attack, cybercriminals typically:

• edit contact and bank details on invoices then send them to customers
• impersonate a trusted party such as a company executive, vendor, or partner
• send deceptive emails to employees, often in finance or HR, requesting urgent actions like:
  • transfer funds to a fraudulent bank account
  • send confidential employee information
  • pay fake invoices.

Resources available

The ASD website provides information and support for business. Read more about business email compromise or take the 2-minute quiz on what to do if you are a victim.