New year, same grim reality for cybercrime in Australia

47,000 cybercrime incidents occurred in Australia during the 2016/17 financial year, according to the Australian Cyber Security Centre. This figure begs the question as to how safe Australian businesses are, or will be in the future.

The fact is, no one is safe online. If you connect to the internet you are open to a raft of cyber threats such as malware, ransomware and phishing, to name a few common attacks. ‘I will be ok, I have anti-virus software as well as the support of an IT team’ is heard far too often. Although these measures have merit, there is still a very real possibility that organisations can fall victim to cybercrime.

According to the Ponemon Institute’s 2017 Cost of Data Breach Study: Australia, it takes an average of 191 days to identify a data breach. Once a system is breached, it takes another 66 days to contain the data breach. In business terms, this equates to significant revenue losses, staffing disruptions and concerned clients.

Further findings of the Ponemon Institute’s study revealed that financial services, including accounting, represent the industry with the highest per capita cost in relation to cyber breaches. The accounting industry is at high risk, and additional measures must be implemented before it is too late.

To learn about Accountancy Insurance’s solution, Cyber Shield, contact Accountancy Insurance’s Professional Risks Department on 1300 552 867 or visit www.accountancyinsurance.com.au.

Karen McDonald | Director | Accountancy Insurance

Karen McDonald

Karen McDonald

Associate Director of Professional Risks at Accountancy Insurance
Karen McDonald

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