The Rising Tide of Cybercrime

With cybercrime increasing at an exponential rate, the importance of cyber security is crucial now more than ever. Large organisations such as Fujitsu and Trello to government entities such as the Australian Court System, and more recently, the US Government have fallen victim to cybercrime resulting in data breaches this year.

January 2024

• Trello Data Breach– 15 million users had their data leaked to the dark web and sold on hacker forums.
• Australian Court System Data Breach – Hackers gained unauthorised access to court recordings.
  

March 2024

• Fujitsu Data Breach – malware found on company devices exposing information.
  

April 2024

• US Government Data Breach – Highly confidential documents were stolen by hacking group.
  

It’s not only large organisations that are targeted. Smaller businesses are increasingly becoming targets as cybersecurity is often pushed aside and not prioritised.

The annual average cost of cybercrime is predicted to hit more than $23 trillion in 2027, up from $8.4 trillion in 2022, according to data cited by Anne Neuberger, U.S. Deputy National Security Advisor for cyber and emerging technologies.

An Apple sponsored independent study found that breaches reached an all-time high for the first nine months of 2023, coming in at 20% more than any other year for the same period.

The human element is the most common threat vector and was the root cause of 74% of data breaches, according to Verizon's "2023 Data Breach Investigations Report." Humans also played a role in phishing attacks and stolen credentials. Phishing attacks are often delivered via email and hope to trick a user into clicking a link or providing information that can lead to exploitation.

Promoting a security culture in the workplace along with Cyber Security Awareness training are vital steps for businesses and organisations to take to reduce the likelihood of cyber incidents. Educating your employees on how to spot phishing emails, choosing secure passwords, and having clean desk initiatives are small but significant steps to take towards improving your security posture and protecting your data from the “human element”. 

The escalating threat of cybercrime underscores the critical need for robust cybersecurity measures across all sectors and sizes of businesses. The alarming rise in data breaches, both in large corporations and small businesses, serves as a stark reminder of the pervasive nature of cyber threats. The significant financial and reputational damage caused by these breaches further emphasises the urgency of this issue. As we move forward, it is imperative that organisations prioritise cybersecurity, investing in advanced technologies, comprehensive training, and incident response planning. Only through such proactive measures can we hope to safeguard our digital landscape against the ever-evolving cyber threats.