At ONGC, we understand the unique challenges faced by Australian SMBs and Not-For-Profits (NFPs) in navigating increasingly complex cyber threats. The Australian Signals Directorate’s (ASD) Annual Cyber Threat Report for 2023-2024 provides critical insights that can help you understand the need to strengthen your cyber defences.
Key Findings from the ASD Report
The new ASD report highlights several trends and statistics that are particularly relevant to small to medium size businesses and NFPs:
- The average cost of a cybercrime incident for small businesses has risen by 8% to $49,600 per reported incident. This underscores the financial impact that cyber attacks can have on smaller organisations, which often operate with limited budgets.
- Australians reported a cybercrime to authorities every six minutes in the 12-month period the survey took place. This statistic highlights the pervasive nature of cyber criminals and the importance of ongoing and proactive measures.
- Fraud remains the most common cybercrime targeting Australians, with over 87,000 reports made to the ASD in 2023-2024. SMBs and NFPs must be particularly wary of phishing attacks and other fraudulent schemes that can compromise sensitive information.
Our Key Recommendations
Given these findings, it is crucial business leaders take proactive steps to enhance their cyber security posture.
#1 Invest in Cyber Security Solutions
Implementing robust cyber security measures, such as endpoint protection, firewalls, and secure configuration, can help mitigate the risk of cyber attacks. Regularly reviewing these solutions and cyber security efforts is essential to stay ahead of evolving threats.
#2 Employee Training and Awareness
Educating employees about common cyber threats and best practices for cyber hygiene can significantly reduce the risk of successful attacks. Regular cyber awareness training sessions and simulated phishing campaigns can help reinforce this knowledge.
#3 Incident Response Planning
Having a well-defined incident response plan in place can help organisations respond to cyber incidents quickly and effectively. This plan should encompass identifying key personnel, establishing communication protocols, and conducting regular drill exercices to ensure preparedness.
#4 Regular Security Assessments
Conducting regular security assessments can help identify vulnerabilities and areas for improvement. This proactive approach allows organisations to address any gaps before they can be exploited by malicious actors.
Building Resilient Cyber Defences Amid Rising Threats
The ASD Annual Cyber Threat Report for 2023-2024 serves as a stark reminder of the ever-present and growing cyber threats facing Australian organisations. By understanding these threats and taking proactive measures, SMBs and NFPs can better protect their organisations and their stakeholders. At ONGC, we are committed to helping our clients navigate this challenging environment and build a more resilient community.
For more information on how we can assist you in enhancing your cyber security posture, please get in touch.
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