Cybersecurity Threats Facing Australian Businesses in 2023

Cybersecurity threats is an area that has become increasingly important to businesses in recent years. The cost of cybercrime has been estimated to grow to $8 trillion in 2023, and is predicted to increase to $10.5 trillion by 2025, according to Cybersecurity Ventures' 2022 Official Cybercrime Report.

Cybercriminals are constantly innovating and finding new ways to infiltrate systems and steal data. In order to stay ahead of cyber-criminals, it's important for businesses to be aware of the latest trends in cybersecurity and how they can protect themselves against these threats.

In this article, we will look at some emerging cybersecurity threats facing Australian businesses today.

Ransomware Attacks

Ransomware attacks have been on the rise in recent years and show no signs of slowing down. In a ransomware attack, hackers gain access to a company's systems and encrypt their data, making it inaccessible. They then demand a ransom payment in exchange for the decryption key. These attacks can be devastating for businesses, causing significant downtime and loss of revenue.

The Stats

• Ransomware attacks have increased by 150% in the past two years in Australia. (Source: Australian Cyber Security Centre)
• The average cost of a ransomware attack for Australian businesses is estimated to be $1.25 million. (Source: Sophos)
• In 2020, the Australian Cyber Security Centre received over 2,200 reports of ransomware incidents, a 15% increase from the previous year. (Source: Australian Cyber Security Centre)

IoT Attacks

The Internet of Things (IoT) refers to the network of physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, and connectivity that enables these objects to connect and exchange data. While IoT devices offer many benefits, they also pose a significant cybersecurity risk. Hackers can exploit vulnerabilities in IoT devices to gain access to a company's network, steal data, or launch other attacks.

The Stats

• By 2025, it is estimated that there will be over 75 billion IoT devices in use worldwide. (Source: Statista)
• In 2020, 90% of Australian businesses reported experiencing at least one IoT-related security incident. (Source: Accenture)
• The average cost of an IoT-related security incident for Australian businesses is estimated to be $4.3 million. (Source: Accenture)

Cloud Security Risks

Many businesses are now using cloud-based services to store and process their data. While this offers many benefits, it also creates new cybersecurity risks. Cloud providers are responsible for securing their own infrastructure, but businesses are responsible for securing their own data and applications in the cloud. Failure to do so can result in data breaches and other security incidents.

The Stats

• In 2020, 80% of Australian businesses reported using cloud-based services. (Source: Australian Bureau of Statistics)
• The global cloud security market is expected to reach $12.7 billion by 2025. (Source: Markets and Markets)
• In 2020, 64% of Australian businesses reported experiencing at least one cloud-related security incident. (Source: Accenture)

Insider Threats

Insider threats are a growing concern for businesses, as employees can inadvertently or deliberately cause security incidents. This can include everything from accidentally sharing sensitive information to intentionally stealing data or sabotaging systems. Businesses need to have policies and procedures in place to monitor and prevent insider threats.

The Stats

• In 2020, 60% of Australian businesses reported experiencing at least one insider-related security incident. (Source: Accenture)
• The average cost of an insider-related security incident for Australian businesses is estimated to be $3.6 million. (Source: Accenture)
• In 2020, 70% of Australian businesses reported that they had not implemented any policies or procedures to prevent insider threats. (Source: Australian Cyber Security Centre)

Conclusion

As these statistics show, cybersecurity threats are a growing concern for Australian businesses. Technology continues to advance, cybersecurity threats will continue to evolve and become more sophisticated. Australian businesses need to stay vigilant and be prepared for emerging threats in order to protect their data and systems. By implementing strong cybersecurity measures with a Managed IT support provider, and staying up-to-date with the latest threats and trends, businesses can reduce their risk of falling victim to a cyber attack.