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Cybercrime

A cyber crime is reported every ten minutes in Australia, according to the Australian Cyber Security Centre’s (ACSC) Annual Cyber Threat Report in 2020.  The most common threat facing Australians are scams, with about 40% of 60,000 reports categorised as ‘fraud.’

Cyber crime is one of the most pervasive threats facing Australia, with the most significant threat in terms of overall volume and impact to individuals and businesses.

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What Is Cyber Crime?

According to the Australian Federal Police (AFP), the term ‘cybercrime’ is defined as:

  • crimes directed at computers or other information communications technologies (ICTs) (such as computer intrusions and denial of service attacks), and
  • crimes where computers or ICTs are an integral part of an offence (such as online fraud)

Criminals can commit crimes online, across multiple borders in an instant and target a large number of users simultaneously. Cyber criminals usually follow the money, which is why small and medium businesses are popular targets of cybercrimes.. Australian businesses’ relative wealth, online connectivity, and popularity of online delivery channels of services make them very attractive and profitable for cyber attackers.

According to Scamwatch, Australians lost over $634 million to scams in 2019. But that’s not the entire figure due to the number of scams and cyber crimes that go unreported.

Different Types of Cyber Crimes

Email and internet fraud - This is where scams and phishing fall into.

Email and internet fraud - This is where scams and phishing fall into.
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Identity fraud - Hackers steal a user’s personal information and use the stolen identity for illegal activities.

Identity fraud - Hackers steal a user’s personal information and use the stolen identity for illegal activities.
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Financial theft - Stealing banking and credit card data for monetary purposes.

Financial theft - Stealing banking and credit card data for monetary purposes.
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Theft and sale of corporate data - Stealing information from enterprises to be sold to third-parties.

Theft and sale of corporate data - Stealing information from enterprises to be sold to third-parties.
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Cyberextortion - Demanding for money or some other response in return for stopping or remediating the attack.

Cyberextortion - Demanding for money or some other response in return for stopping or remediating the attack.
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Ransomware attacks - A form of cyberextortion using ransomware.

Ransomware attacks - A form of cyberextortion using ransomware.
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Cryptojacking - Mining cryptocurrencies using other people’s devices.

Cryptojacking - Mining cryptocurrencies using other people’s devices.
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Cyberespionage - Spying and monitoring people’s online activities.

Cyberespionage - Spying and monitoring people’s online activities.
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How to Protect Your Business Against Cyber Crime

  1. Keep software and operating system updated
  2. Use anti-virus software and keep it updated
  3. Use strong passwords
  4. Do not give out personal information unless secure
  5. Contact companies directly about suspicious requests
  6. Be mindful of which website URLs you visit
  7. Keep an eye on your bank statements
  8. Educate your employees
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“This project is funded by the Australian Government Department of Industry, Science, Energy and Resources through the Cyber Security Business Connect and Protect Program.”