The Escalating Cyber Threat

The Escalating Cyber Threat

The Escalating Cyber ThreatGet your cyber action plan ready because they are coming for your business.

Small to medium business are starting to take notice of the escalating cyber threat. Especially now that COVID has pushed many staff members to work from home.

We have had the Australian Government warn us about the mounting cyber threat against Australian businesses and the list of breaches have gone through the roof.

There is also reports that fraudulent invoices are the new trend in business scams.

Fraudulent invoices caused the highest losses across all scam types in 2019, costing businesses $132 million, according to the ACCC’s Targeting Scams report.

Scammers intercept legitimate invoices and change the details to include fraudulent payment information. The recipient will pay the invoice as normal and not realise they have been scammed.

Scamwatch alone received almost 6000 reports from businesses last year with $5.3 million in reported losses. False billing was the most commonly reported type of scam which includes business email compromise scams.

Other scams reported by businesses include online shopping scams where a business attempts to buy equipment online and the product never arrives.

Business email compromises rely almost entirely on social engineering – using an understanding of human psychology to get us to do something – and staff are the first line of defence.

This is why it is so important for business owners to train and educate their staff to know what types of scams that are out there so they can learn how to avoid them.

Talk to TCT today about how we can help build a robust and layered cyber security plan for your business.

Robert Brown

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