Top 5 Cyber Threats Your Tasmanian Business Should Watch Out For
In 2023, the Australian Competition and Consumer Commission’s Scamwatch received over 6,400 scam reports from Tasmania, resulting in losses exceeding $7 million. Cyber security is becoming increasingly critical for small and medium-sized businesses (SMBs) in Tasmania. While cyber threats can impact businesses of all sizes, SMBs are often easier targets due to their less robust defences.
Cyber crime is rising each year in Australia, the cost of attacks is increasing, and cyber criminals are getting smarter – using advanced technologies like artificial intelligence (AI) to enhance their techniques. Understanding these evolving threats and implementing strong security measures is vital to prevent financial losses and protect business operations.
In this blog, we’ll highlight the top five cyber threats Tasmanian businesses are facing and offer practical tips to help safeguard your business.
1. Phishing Attacks
Phishing is a technique used by scammers to trick you into clicking on harmful links, downloading malware, or sharing sensitive information such as passwords or bank details. These attacks can show up as emails, texts, phone calls, or even QR codes. Scammers often impersonate trusted entities, such as companies or friends, to mislead you. For example, you might receive an email that looks like it’s from Australia Post, but it’s actually a phishing attempt designed to trick you into clicking on a malicious link disguised as a parcel tracking page. Many phishing attacks are random, but some specifically target you or your organisation, known as "spear phishing." Additionally, "whale phishing" focuses on high-profile individuals, such as CEOs, who have access to sensitive information.
How to protect against phishing attacks:
Regular training on spotting phishing attempts is key to keeping your team safe. Be cautious with suspicious emails or messages: check for odd email addresses and spelling mistakes, and avoid clicking on unknown links or opening attachments. Phishing attempts often create a sense of urgency to make you act quickly and without thinking, so take a moment to evaluate if the message seems genuine. If unsure, contact the person or company using a verified phone number to confirm the communication’s legitimacy. Additionally, implementing advanced AI-powered email security software can protect your business by automatically filtering and blocking harmful emails before they reach your inbox.
2. Malware
Malware is short for “malicious software” and refers to cyber threats that use software to harm or exploit devices. Malware can be installed on your device through infected websites, harmful links, or email attachments. Once installed, malware can spread to other devices, steal confidential information, disrupt operations and cause significant financial loss. Malware comes in various forms, each with its own distinct behaviour:
Viruses: Viruses are malicious programs that attach to files, replicate themselves, and spread to other files and devices, causing damage and disruption.
Worms: Worms are standalone programs that replicate themselves in order to spread to other devices, often exploiting network vulnerabilities.
Spyware: Spyware is malicious software that tracks and records user activities, including login details, payment information, and browsing habits, and sends this information to hackers.
Trojans: Disguised as legitimate software, trojans perform malicious activities once installed, such as creating ‘backdoors’ that allow cybercriminals to gain remote access to your system.
Ransomware: Ransomware is malicious software that locks data and demands a ransom to release it. We’ll discuss this in more detail further below.
How to protect against malware:
To shield your business from malware, use reliable antivirus software to identify and eliminate threats. Keep your systems and software updated with the latest security patches to remediate any vulnerabilities. Avoid downloading files or programs from unknown or untrusted sources, as they may carry hidden malware. Adding layers of protection, such as firewalls, email security, endpoint protection, and regular data backups, will significantly reduce the risk of malware infections and help keep your business operations secure.
3. Ransomware
Ransomware is a common and dangerous type of malware that locks your files or devices, making them inaccessible until you pay a ransom. Even if you pay, there's no guarantee you'll get your data back, and you might become a target for future attacks. Ransomware can rapidly spread from one device to another, disrupting business operations and leading to substantial data loss. In 2022–23, the Australian Signals Directorate (ASD) recorded 118 ransomware incidents, around 10% of all cyber security incidents.
How to protect against ransomware:
To guard against ransomware, use strong antivirus software, perform regular scans, and keep all software up to date. Regularly back up your data and store copies in multiple locations, including cloud and physical drives, to ensure it can be recovered. You can enhance your protection against ransomware by implementing firewalls, email security, and endpoint protection. Additionally, providing continuous security awareness training to your employees will help them identify and avoid suspicious emails and links, which are common entry points for ransomware.
4. Insider Threats
Insider threats come from within your business and can be intentional or accidental. Malicious insiders may intentionally harm your organisation, while negligent ones might unintentionally create vulnerabilities through carelessness. Examples of insider threats include data theft by disgruntled employees or accidental leaks of sensitive information due to poor password practices, falling for phishing scams or mishandling of data. Mistakes or negligence by employees frequently contribute to cyber incidents, with a staggering 90% of cyber security breaches attributed to human error.
How to protect against insider threats:
To mitigate these risks, implement access controls to restrict who can view or modify sensitive information, perform regular audits to detect unusual activity, and promote a culture of security awareness within your team. Security awareness training is crucial for equipping employees with the knowledge and skills to recognise potential threats, reducing the risk of successful cyberattacks and enhancing your business' overall security.
5. Business Email Compromise (BEC)
Business email compromise (BEC) is a sophisticated attack in which cyber criminals specifically target businesses to steal money or sensitive information. Unlike standard phishing, BEC is highly targeted and employs a mix of phishing, spoofing, impersonation, and fake invoices to deceive victims. The financial and reputational risks of BEC are significant. Criminals may trick employees into transferring funds to fraudulent accounts or disclosing confidential information, leading to financial losses and damage to the business’ reputation.
How to protect against BEC:
To protect against BEC, employees should be trained to stay vigilant against suspicious emails. If they receive an unusual or unexpected request from a customer, colleague, or supplier, they should verify the email's legitimacy before taking any action. Implementing two-factor authentication will add an extra layer of security to your business, significantly reducing the risk of unauthorised access and providing an additional safeguard against potential breaches. Using advanced email security software can also protect your business by filtering out email threats commonly used in BEC attacks.
Staying vigilant and proactively implementing cyber security measures is essential to protect your business from threats like phishing, malware, ransomware, insider threats, and business email compromise (BEC). You should regularly update your security protocols, provide ongoing training for your team, and stay informed about the latest cyber threats. By adopting these strategies, you'll strengthen your defences against evolving risks and better safeguard your business from cyber attacks.
How Ridgetech Can Help
As cyber threats grow more sophisticated, advanced protection strategies are needed to stay ahead of these intelligent and adaptive risks.
At Ridgetech, we support Tasmanian businesses with comprehensive cyber security services to fortify your defences. Our value-packed bundles emphasise robust security measures to mitigate risks, safeguard your reputation and valuable data, and ensure business continuity.
We cover all your cyber needs with features like advanced threat detection, 24/7 incident response, security awareness training, automated patch management, advanced application control, and a zero-trust security model.
Ready to enhance your cyber defences and access expert support? Contact our friendly team today.
