4-minute read

With cybercrime being perpetrated on an industrial scale, robust cyber security measures have never been more critical than right now.

The web has made the world a smaller place and delivered incredible advantages to individuals and businesses.

It has enabled those of us fortunate to have a job that can be performed from home – to work from home. It enables education and access to a world of information and entertainment. And it has delivered businesses with access to a global marketplace of customers at the click of a mouse.

But the web also provides that same almost unfettered access to ‘customers’ to legions of very well-organised cyber criminals.

Cybercrime on an industrial scale

We may have an image in mind of a cyber criminal as the lone wolf sitting in a dark hoodie in some anonymous location, tapping out malicious script.

But the truth is that cybercrime is being perpetrated on an industrial scale. There are scam operations in Eastern Europe and Asia that more closely resemble large scale call centres.

And because the ‘rewards’ of any given scam can be so lucrative they can operate and flourish on the thinnest margins of success.

But there are things you can do to wrest back control – and to make yourself a very hard target.

Robust cyber security

As the transformation of the digital world continues to accelerate, the importance of robust cyber security measures has never been more critical.

Daylight is the best disinfectant – and knowledge is power.

For instance, it’s important to know and understand that nbn is a wholesaler that provides broadband access to customers exclusively through phone and internet providers.

We will never ask customers for direct payment for services.

You can and should hang up if a scammer calls purporting to be from nbn and either asks for payment or remote access to your computer. And better yet, once you’ve hung up, report the incident to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch website.

In today’s interconnected world, all facets of security – including personal, personnel and cyber security – is paramount. The increasing frequency and sophistication of cyber attacks highlight the urgent need for comprehensive security protocols.

The financial burden of cybercrime

Australia, like many other countries, has witnessed a surge in cybercrime, affecting businesses of all sizes, with small and medium-sized businesses being hit hardest by financial losses.

With company directors being increasingly held more accountable for damages incurred via cybercrime, it is more important than ever to understand the essential strategies businesses should implement to protect against financial losses and/or privacy breaches.

Cybercrime is a significant financial burden on businesses.

The cost is not only measured in immediate financial loss but also in long-term reputational damage and exposure to potential regulatory fines, not to mention the diversion of business-critical financial and cognitive resources required to recover from an attack.

It’s essential that businesses understand the risks and invest in robust cyber security measures and utilise security as an enabler, rather than a fear tool.

Tips to mitigate and protect

And while cybercrime is increasing, there are some relatively simple tips for mitigating and protecting your personal and corporate data.

Firstly, turn on multi-factor authentication for every account.

Next, remember nbn will never call you and ask for access to your computer, tell you that you’re going to be disconnected if you don’t take some sort of action, or ask you to run a speed test.

Never give out bank details, credit card numbers or multi-factor authentication codes to a caller over the phone.

Be careful of what you share on social media; many scam attempts use information you have unknowingly shared on social media.

And, finally, make your passwords different for each site.

By following these simple tips, you or your business will be a harder target for scammers and fraudsters.