Picture this: You’re enjoying a delicious slice of Pizza Hut pizza or browsing your favourite book at Dymocks, all while a hacker is sifting through your personal data. Shocking, right? Pizza Hut, Dymocks, Coles, Optus, and Medibank are just some of the household names that have fallen victim to cyber-attacks within the last year.
Here’s where you might want to sit up: As a business owner or executive, you could be the next target. Ask yourself—what would be the fallout if your CEO’s email was hacked tomorrow? Your operations, your reputation, your business — everything could be on the line. And that’s just one email.
ASIC chair Joe Longo isn’t just beating the drum for the sake of ethics; he warns that directors are under regulatory obligations to fortify their organizations against cyber threats and build digital resilience. In simple terms, if you’re at the helm, it’s your job to make sure your company’s virtual walls are as secure as Fort Knox.
Nearly half of Australians were involved in a data breach in the year leading up to March 2023. In fact, Australia ranks as the world’s 2nd most-targeted nation for business email compromise attacks, trailing only the United States, and holds the 6th spot globally for data breaches.
While you’re relishing the perks of remote work, you might also be unwittingly rolling out the red carpet for cybercriminals. The shift to hybrid work has dramatically expanded our digital “attack surface” – the more gadgets and systems you use, the more digital doors you might accidentally leave ajar for hackers.
“The pandemic has significantly increased Australian dependence on the internet [...] This dependence has increased the attack surface and generated more opportunities for malicious cyber actors to exploit vulnerable targets in Australia.”
As we tiptoe further into the digital realm, the most prized target for hackers is your digital identity.
From your MyGov ID that houses critical healthcare and tax data, to your work email that holds the keys to your professional kingdom, down to your bank account where your financial assets are stashed— everything worth stealing is now online. And the worst part is that everything is linked. Most people only have one or two emails. And some reuse the same password. As our digital footprints grow, so does our vulnerability. All it takes is one data breach for your email, phone number, and password to be splashed across the dark web.
Think losing your physical wallet is bad? Losing control over your digital identity could be catastrophic.
Ready for a plot twist? Right out of a sci-fi thriller, deep fakes and AI voice cloning are just some of the new technologies predicted to make stealing your digital identity that much easier.
Gone are the days when you needed a computer science degree to join the ranks of cybercriminals. Today, breaking into someone’s digital life is worryingly democratized, thanks to the emergence of an entire ecosystem that supports cybercrime.
Just browse through the dark web and you’ll find off-the-shelf malicious software (“malware”) ready for deployment. These nefarious tools are developed by experienced hackers and are available for rent to anyone.
And let’s not forget about the grey areas. Tools like Remcos, for instance, are entirely legitimate in their design. Yet, many cyber-security researchers warn that they are being co-opted by cyber criminals to function as Remote Access Trojans (RATs). With just this tool, hackers can remotely monitor your computer, access your files, read your emails, and steal your passwords.
For aspiring hackers who are less fluent in technology, YouTube has a myriad of instructional videos that can transform even the most tech-averse among us into competent hackers.
Malware and the instructional videos on how to use them are all, shockingly, just a click away.
The threat of cybercrime is real, immediate, and intensely personal. And the trick to staying ahead of the curve is to always adapt faster than the threats evolve. We’re not just spectators in this unfolding drama. We’re active participants, and our actions, or the lack thereof, have real consequences. Whether as potential victims or stakeholders responsible for safeguarding valuable assets, we all have an obligation to secure the digital domain.
The next article in this series will be your blueprint for how you can build a cyber fortress to keep both you and your business safe in the age of ones and zeros.
Despite record spending on cyber security, Australia is losing more than $33 billion annually to cybercrime. Why? Because while cyber-security efforts are laser-focused on safeguarding data and networks, most cyber-criminals are playing for a different prize – your money.
It’s not just about keeping intruders out; it’s about ensuring they leave empty-handed.
In today’s rapidly changing world, crafting better work environments is no longer a luxury, but a strategic requirement. Fueling productivity, nurturing loyalty, and uplifting well-being, a vibrant work environment is a transformative space where employees thrive, not merely survive.
Read on to discover how to make this vision a reality.
Tailored Accounts took a deep dive into XeroCon 2023 and emerged with some invaluable insights into the future of our industries. From evolving security paradigms in our digital age to the pursuit of high-performance mindfulness, here are 6 takeaways from XeroCon to get your mind running.
