Cyber threats on the rise – ASD report - Hot SR-22 Insurance News

Cyber threats on the rise – ASD report | Insurance Business Australia

Cyber

Cyber threats on the rise – ASD report

Cost to businesses skyrockets

Cyber

By
Roxanne Libatique

The Australian Signals Directorate (ASD) has released its latest Cyber Threat Report, revealing that cyber threats impacting businesses, organisations, and individuals across Australia have increased.

The fourth ASD Cyber Threat Report found that malicious cyber activity has increased in frequency, cost, and severity in the 2022-23 financial year compared to the previous financial year.

Key results

The report revealed that reporting of cyber security incidents impacting Australian critical infrastructure rose by nearly one-third in the 2022-23 financial year from the previous financial year, with around 57% of cyber incidents reported by critical infrastructure entities involving:

compromised accounts or credentials
compromised assets, networks, or infrastructure
denial of service attacks

During the 2022-23 financial year, ReportCyber received nearly 94,000 cybercrime reports, a 23% increase compared to the previous financial year.

“The report demonstrates the persistence and tenacity of these cyber actors. It shows that these adversaries constantly test vulnerabilities in Australia’s cyber ecosystem and employ a range of techniques to evade Australia’s cyber defences,” Bradshaw said. “The threat environment characterised in this report underscores the importance of ASD’s work in defending Australia’s security and prosperity.”

The report also revealed that the cost of cybercrime to businesses rose by 14% compared to the previous financial year. Small businesses experienced an average financial loss of $46,000, medium businesses an average of $97,200, and large businesses an average of $71,600.