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We will see an increase in Cybercrime!

Jan 6, 2016

Source: – Cybercrime is costing us $1.2b a year, Courier Mail, Sunday 20th December 2015.

Digital attacks cost the country $1.2 billion in 2015, and nearly four million Australian’s were affected. However this is just a fraction of the global problem, with the annual damage bill estimated to be $150 billion, according to the Norton Cybersecurity Insights report.

The Australian Communications and Media Authority estimates 15,000 systems are compromised in Australia every day. Experts predict the key trends in cybercrime in 2016 to include attacks on wearable technology, social media attacks, hacks of the countless smart devices connected in the so-called “Internet of Things” era from household appliances, to cars, and a continuing explosion in the ever-increasing wave of ransomware.

A ransomware attack, is one where hackers encrypt or hijack personal data, offering to return the data in exchange for a fee – although security professionals warn that paying the ransom, which can cost into the thousands, does not guarantee the data’s return and only encourages attackers to strike again.

It is vital Small Businesses have Cyber insurance as a part of their Business Insurance, to recover damages and costs quickly and effectively if they fall victim to Cyber-crime.

As the crime is becoming more frequent, the Federal Government has responded by releasing draft legislation which requires companies that turn over $3 million in revenue a year to inform individuals whose personal information has been compromised. Symantec ANZ business manager of information protection Nick Savvides said: “What we learn from these attacks – the information, anything that you put online, the way that you treat it – is that it will be compromised.”

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