According to the Australian Cyber Security Centre (ACSC) the financial year 2020-2021 saw more than 67,500 cybercrimes reported – a 13% increase from the prior year. Total self-reported losses came to more than 33 billion dollars. It’s been noted that a substantial percentage of cyber crime reports were related to the COVID-19 pandemic with such a large increase of people working remotely and online shopping etc. More concerning is the increase in attacks on Financial Institutions which was reported in the ‘Financial Stability Review’ in October, alongside the ‘Annual Cyber Threat Report 2020-21 published by the Australian Cyber Security Centre.

There are more financial services available than ever – with the pandemic and lockdowns increasing online shopping, there has been more of a demand for variations of AfterPay and Zip Pay, giving consumers the ability to receive their purchase and pay it off over time. There are even companies promoting the option to access your pay prior to payday. These supply chain providers stand to pose a reasonable security threat to consumers and businesses if their own houses aren’t in order. Being in a position where transactions may be intercepted, revenue lost and reputation damaged.

With an increased focus from hackers on financial institutions, it is important to ensure that sensitive data is under the highest level of protection, and there are best practice information management policies in place, coupled with a strong ongoing Cyber Security strategy. It’s crucial that Cyber Security be at the front of everyone’s mind in the business (no matter the industry) as staff are the number one barrier between security and a data breach that could ruin your business. A positive attitude towards it will ensure that your staff are willing to put the effort into keeping your business secure.

If you don’t have a Managed Security Services Provider or are unsure about what degree of cover you have reach out to our team and we will be happy to help you get started. You can reach us on 1800 664 248.