Advancements in digital technology and the Internet have created a more open society, allowing us to create, share and access information and knowledge more widely and quickly than ever before. However, our increasing reliance on tech has seen cyber crime in Australia rise significantly over recent years. Cybercriminals are constantly evolving their capabilities and are using more sophisticated techniques than ever before. In our recent webinar, we explored the latest cyber threats and what is being done to minimise them. Importantly, we discussed simple measures you can take to protect yourself from cyber scams. We were joined by Colonial First State Senior BDM Warren Weber, who shared how fund management companies are protecting your investments and super.
The University of New South Wales (UNSW) has found that cybercrime drains about $42 billion annually from the Australian economy, with an estimated 300,000 incidents occurring each year—though only a fifth are reported. Research from Edith Cowan University highlights that the Australian Competition and Consumer Commission (ACCC) recorded losses of $634 million due to scams in the 2019-20 financial year.
The Guardian reports that small businesses face an average cost of $39,000 per cybercrime incident, while larger enterprises face costs around $62,000.
According to a report by Savvy, there was an 84% surge in scam incidents between 2021 and 2022. These figures highlight an urgent need for actions to secure our identities and financial resources online, to avoid becoming part of these concerning statistics.
There are some key safety measures you can take to protect yourself online from cyber crime:
Two-Factor Authentication (2FA): Implementing two-factor authentication adds an extra layer of security to your online accounts, requiring both your usual login details and a verification code sent to your phone or another verification method.
Password Vaults: Using a password vault can help securely manage your online passwords, storing them and autofilling login fields so you don’t have to remember each one. A strong, unique password for your vault can significantly reduce the risk of brute force attacks.
Antivirus Software: Protect your devices against malware, ransomware, and other malicious software by installing reputable antivirus software. This proactive measure can help catch threats before they cause harm.
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