The ACSC Annual Cyber Threat Report

Key five takeaways from the report

• Ransomware is here to stay – A single human error has the potential to paralyze your business operations and subject your data to ransom. The rise in dark web marketplaces selling tools, techniques, and procedures (pay to play/ransom) sets the technical bar low for malicious actors to leverage private sector data.
• The supply chain is a risk – The increasing reliance upon and complexity of IT systems is making systems more vulnerable. The use of third-party applications, IoT and an interconnected network of devices are the main culprits. Is your data secure through all these entry points?
• Patch it – Far too many IT Systems and Networks are insecure or misconfigured, providing easy entry points for malicious actors. An ounce of prevention is better than a pound of cure! Keep your systems updated to minimize your attack surface so exploits cannot run wild.
• The Essential 8 are still essential – Hundreds of incidents each year could have been avoided with good cyber policies and implementing ASD’s Essential Eight Maturity Model. We recommend focusing on the basics before investing in your next-gen AI solution.
• Phish and Chips – E-mails remain one of the most significant weaknesses in any enterprise due to the proliferation of malicious e-mails and links. Every good business model (including ransomware) has some form of a good practice manual. Bad things usually happen from a simple click; keep your staff aware and give them the technology to enable a safe computing experience.

What does it mean for your business?

• An Australian Competition and Consumer Commission reported Australis lost over $634 million to IT scams in 2019 while industry estimates put the cost as high as $29 billion annually in lost productivity and income.
• Australia is seen as a promising target due it’s relative wealth and high levels of online connectivity.
• Cybercrime-as-a-service (CaaS) is becoming more mainstream and “user-friendly”. No technical expertise is necessary.

What are your next steps to secure your business and data?

• Get an audit! Find out where your weaknesses are before you cry wolf! Read more about the benefits of an IT audit.
• Implement a Business Continuity/Disaster Recovery Plan. Even with a secure system, you are one miss-click away from disaster.
• Educate your staff about e-mail security and how to identify malicious links.
• Enact and maintain adequate security policies.
• Engage a trusted IT provider. You wouldn’t employ a lawyer to change your oil. Engage with experts in the field and use our knowledge to keep your data safe and your team productive.

Read the full report here.