5 days Ago By Eleanor Campbell
Ransomware attacks and foreign espionage are the top cyber threats for government departments and agencies, with hackers imposing a hefty cost on Australian small businesses. Login or signup to continue reading The Australian Signals Directorate's annual cyber threat report for 2023-24 warned foreign actors continue to target businesses and government sectors at a persistent rate. It found ransomware attacks and data theft extortion have caused the average cost of cybercrime to small companies jump to almost $50,000 over the past financial year, up by 8 per cent.
ASD Director-General Rachel Noble said the report comes as global conflicts and the rapid emergence of artificial intelligence pose a threat to Australia and its economy. "The current threat requires a shift in the nation's cyber security posture towards stronger defences," Ms Noble said in her annual statement. "It is a digital landscape in which unfortunately none of us can switch off, lest we be forcibly disconnected by malicious actors.
" According to ASD's report, the number of extortion-related cyber attacks increased by 9 per cent compared to last year. The most common cyber incidents reported by government sectors are related to hacked accounts, malware infections, or compromised networks. Email compromise and fraud were among the top self-reported cybercrimes for businesses and individuals.
The cyber agency received over 87,000 cybercrime reports over the financial year, with an average of one reported every six minutes. The report said the threat of state-sponsored cyber espionage will likely increase as tensions in the Indo-Pacific region continue to rise. "Cybercriminals and hacktivists also continue to remain an ongoing and persistent threat," Ms Noble said.
The Minister for Defence, Richard Marles, said the report's findings highlighted a continued deterioration in Australia's strategic environment. "In this context, ASD plays a key role in countering threats in the cyber domain," Mr Marles said. "The continued cooperation of Australian businesses and individuals is also crucial to defending our country from cyber threats.
" Eleanor Campbell is a political reporter based in the Parliamentary Press Gallery. You can reach her at eleanor.campbell@austcommunitymedia.
com.au. Eleanor Campbell is a political reporter based in the Parliamentary Press Gallery.
You can reach her at [email protected].
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