Common Cyber Security Risks in Australia: What You Need to Know

Australia's Cybersecurity Landscape: Are You Prepared?

As a significant increase occurs in digitization day by day, the internet has become an integral part of our daily lives, and the online digital world has helped make our life more interconnected & convenient. Along with our dependence on technology, the danger of falling victim to cyber threats has also increased. 

Like many other countries, the landscape of cyber threats is constantly increasing in Australia, and it’s becoming essential for every business and individual to stay aware of cybersecurity. In this blog, we will explore some of the common cybersecurity risks in Australia and what you must do to protect your assets and yourself. 

What are Cyber Attacks?

A cyber attack is basically a malicious act that is aimed at exploiting digital devices, networks, or computer systems. Individuals or groups typically perform cyber attacks to gain unauthorized access to one’s sensitive information or to organizational data. 

These attacks come in many different types with various intentions behind them. Let’s briefly discuss some of the common cybersecurity risks.

Here are Some Common Cybersecurity Risks in Australia-

Given below is an in-depth cybersecurity risk management process that should be followed by Australian businesses to stay resilient against cyber threats.

Phishing Attacks

The term ‘Phishing’ comes from the word fishing, as cybercriminals are known for fishing for sensitive data from the victim. These scams are a common and persistent cybersecurity risk in Australia. These are a type of scams that normally involve organizations in their traps via emails or messages to trick the victim into providing their personal information like their login credentials, organization sensitive data, personal information, or credit/debit card information. Attackers attempt to cause a sense of urgency or fear to get users to click on malicious attachments or links that could install viruses into the systems. What You Should Know:

Artificial Intelligence Attacks

As technology evolves, so does cyber crime; as attackers have also started leveraging AI/ML to enhance the effectiveness of cyber-attacks. In our technologically advanced world, AI is used to make our lives easy with its many capabilities, it is also harnessed by cybercriminals to trick their victims more efficiently. Considering cybercriminals are easily able to evade traditional security measures, these attacks are extremely dangerous. What You Should Know:

Ransomware Attacks

Ransomware attacks are a growing threat in Australia; these threats generally involve cybercriminals encrypting the victim’s data, which makes it inaccessible to the owner, and demanding payment to provide the decryption key. Mainly, ransomware attacks hold the victim hostage online, leaving them with no choice but to accept their conditions in the hope that their data safely returns.

Responding To Risks

With a compliance framework and a solid risk profile on your plate, you can now start implementing solutions for treating risks as per their potential impacts and priority levels. For example, some vulnerabilities might need stronger access control (risk mitigation), while others may require formal risk treatment plans.. You can also automate certain tasks to keep up with the crucial cybersecurity standards for your business. This includes timely data backups and software updates. Prevention is another way of responding to negative risks which is done by avoiding certain activities or conditions that could expose your system to potential risks.

Incident Response Plan

There can be bummers, no matter how careful you are. That’s why it’s crucial to always have an incident response plan ready — a set of instructions and measures to be taken when a particular cyberattack happens.

  • This includes:
    1. Identifying the source of the breach
    2. Isolating affected assets
    3. Removing infected files
    4. Conducting a data audit to gather intel on the scope of damage
    5. Creating a quick and effective communication strategy to inform the concerned people (police, legal team, insurer, etc.) in time
    6. Documenting all activities since the attack in detail for future reference
    7. Ideal response to the attack and business recovery strategy
    8. Regularly updating the incident response plan as required

Monitor Regularly

Lastly, it’s imperative to keep tabs on the procedures you implement to tackle risks. This helps in identifying the extent to which the solutions are helpful, new developments and reapproaches needed. It helps in assessing the effectiveness of your security controls.

Important Risk Management Tips To Keep In Mind

Here are a few significant measures that you must take to facilitate the risk management process:

Prioritize Cybersecurity Awareness & Training

Your employees can’t defend your business from malicious attacks unless they understand them. Hence, they must be aware of practices like safe browsing, email security, etc. With the right training, they can differentiate between authentic information and phishing scams, one of the most prevalent types of cyberattacks. Such programs can take the shape of workshops, real-life scenarios and simulations to increase employee engagement.

Backup Your Data

Data loss is a common and disastrous outcome of numerous cyberattacks like ransomware. Rather than falling into the trap of hackers, it’s best to store backups safely lest such an event arises.

Focus On The Password Strength and MFA

Poor password strength is one of the biggest loopholes that attracts hackers. Unsafe practices like password sharing between employees, reusing passwords, automatic logins, or storing passwords carelessly are gaps that you must fill. In addition, always store your credentials in an encrypted file and use Multi-Factor Authentication (MFA) so that your critical accounts are not just reliant on a password

Install A Killswitch

A “kill switch” is a button that acts like an emergency brake to all the operations on your system. When a cyberattack takes place, a kill switch can rapidly shut down your servers to prevent further data loss or damage.

Factor In Your Physical Attack Surface

Your physical attack surface is as important as the digital one. Biometrics play a key role in safeguarding sensitive intel from leaking. Installing surveillance cameras and sensors also goes a long way in defending your databases from hacks and breaches.

Bottom Line

Fortifying your business is not an option, but a necessity. While new technologies and trends encourage smooth operations, at the same time, you’re more prone to cyberattacks and malware. 

Cybersecurity Risk Management is a proactive method to respond against potential risks and prepare for worst-case scenarios. Right from framing risks to generating the desired action, it allows for the creation of a safe and secure cyberspace that does not compromise your business.

Securemation is a leading security advisor with certified experienced professionals in the field of cybersecurity. Be it vulnerability/risk/threat assessment, compliance audits, or security training, Securemation provides excellent and affordable cybersecurity solutions to keep your business online and on track for growth.

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