Australia is ranked fourth in a global list of countries with the most cybercrime, with 102 victims per one million internet users.

The research, conducted by Cybersecurity company Surfshark, shows that the UK tops the cybercrime list, followed by the US, Canada, Australia, and Greece. Australia had 102 victims per 1 million internet users in 2021, while the number of cybercrime victims in Australia has increased by 22% year on year.

This is why it is so important for people to educate themselves about they protect themselves from this crime. This is not just a business-centric issue but one that families need to be vigilant.

Adding further concern is research by Savvy Cybercrime saying that it is on the Rise in 2022 after Australians lost over $300 million to scams in 2021.

One reason is that the Covid-19 pandemic has given scammers and hackers an advantage. As remote work pushes more Australians online, the jump in cybercrime hits record-high rates sparking major concerns for businesses and families.

We’re living in a digital era where information and data are more valuable than gold and oil.

After 2 years of remote working, online vulnerabilities are escalating with cloud breaches, phishing, account takeover attacks, and ransomware among the top concerns. Working from home and lockdowns have changed the way Australians use the Internet. The reliance on IoT devices, along with virtual classrooms, online communications, work, study, and day-to-day life present new opportunities for criminals.

Small to medium businesses are most at risk of cybercrime

Small to medium businesses typically have less cybersecurity protection making them more vulnerable. 43% of cyber attacks target SME businesses, according to a report from Australian cybersecurity firm Kaine Mathrick Tech. Even more concerning, only 5% of businesses’ data folders are protected.

Recent research shows that one cybercrime targets Australian businesses every 10 minutes. Ransomware remains one of the top threats with an occurring every 11 seconds.

Phishing, hacking, remote access scams, and malware are ongoing concerns too – on and offsite, in the office, and at home. Scamwatch data shows the main delivery methods for these attacks are smartphones and email.

Hackers and scammers are getting more ambitious and bolder in their attempts, targeting online activities to take advantage of people in all occupations and from all walks of life. It’s no longer only necessary to set security measures and forget about them. Preventative actions, multi-layered approaches and regular assessments are key to staying ahead.

However, nothing is 100% so covering your business or family with cyber insurance means the expensive process to restore or recover accounts and losses when cybercrime occurs is covered **

Disclaimer: Note: this article contains general advice only & you should seek further information from your personal Rivers Insurance Broker about the impact of any information provided here on your personal or business needs. ABN: 28 010 242 681 AFS License: 247093

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