Incidents of cyber crime are on the rise in Australia. Scamwatch, part of the Australian Competition and Consumer Commission, has registered 188,390 reports at a total loss of $474,973,009 so far this year. The Australian Cyber Security Centre have also recently published their Annual Cyber Threat Report which included some alarming statistics:
- A rise in the average cost per cybercrime report to over $39,000 for small business, $88,000 for medium business, and over $62,000 for large business, an average increase of 14 per cent.
- A cybercrime report every 7 minutes on average, compared to every 8 minutes last financial year.
- An increase in financial losses due to BEC to over $98 million, an average loss of $64,000 per report.
A BEC, formally known as a business email compromise scam, was in the headlines of late, when Lawyers Weekly reported that at least five global law firms with an Australian presence have been targeted by criminals using this form of scam.
These recent scam reports and statistics demonstrate that cyber criminals have become more sophisticated. At any time of year, but especially leading into the festive season, it is important for businesses to be equipped with the knowledge and education required in order to protect themselves and their clients from suspicious activity.
Training is the first step to being cyber secure
If you’re not aware of a particular type of cyber crime, how can you spot it when you see it? To be cyber aware, first invest in training for yourself and your colleagues. InfoTrack offers complimentary Cyber Security Awareness Training, that will help law firms of any size understand cyber threats and what to do to retain the integrity of your client’s data. Topics in this training include how to identify fraud activity, how to protect yourself from hacking attempts and what to do if your firm is hacked.
Invest in technology that puts security first
When it comes to the property industry, scammers will often try to take advantage of your client’s and put them in a situation for a potentially massive financial loss. As large amounts of money exchange hands throughout a property transaction, ensure the technology you are using prioritises security. One such piece of technology that takes this approach is Securexchange. Securexchange is a multi-award-winning technology that offers end-to-end property services in one simple, secure platform. When you’re looking at which technology to invest in, check the solutions security credentials to ensure they offer a high standard of protection, just like Securexchange.
By taking these crucial first steps, you will be equipping yourself with the essential defence your business and clients need to be protected from potential cyber threats.
