Top 10 Cyber Threats Facing Australian Businesses

Digitisation was the first transformative step that made business data vulnerable. The advent of automation tools, the use of the Internet, and remote work arrangements have made it even more susceptible to theft. Cybercriminals target small businesses with a wicked intent to steal confidential data and demand ransom. Many immoral hackers penetrate reputed corporate networks to showcase their hacking abilities and gain fame. Some of them also have a political agenda or personal vendetta against a business.

While the big businesses have the necessary security features in place, the smaller ones become easy targets. They do not implement the required cybersecurity measures, and their employees are unaware of the hacking tactics used by criminals. Small entities have a much higher rate of facing cyber attacks, and the number is growing every year. Here is a list of the top ten cyber threats faced by Australian businesses that should be known to all business people and employees to stay alert and aware.

1. Business Email Compromise

In the annual cyber threat report for 2023-24 by the Australian Signals Directorate, the topmost reported cybercrime was business email compromise. It is a phishing attack wherein hackers dupe employees by posing as a trusted individual associated with the business. They send emails with fake bills to make financial gains or ask the employees for confidential business information that can be used for cybercrime. Sometimes they hack the email account of the CEO of the organisation and send emails to employees to make them look authentic. They also use hacked email accounts of business lawyers, partners or stakeholders to carry out the scam. They ensure to send emails to employees with the authority to purchase or provide information. It can lead to significant losses and the leaking of sensitive information.

2. Malware

Malware is malicious software widely used for cyber attacks and can damage or disrupt a computer, server or network. Various types of malware include viruses, Trojan, ransomware, spyware, adware, etc. It infects the system and renders it unusable to impact the business. Malware can also be used to steal information or get a ransom from the organisation. Individuals who plan to purchase a business for sale Brisbane should ensure they stay protected against this threat with anti-virus, network security, strong passwords and multi-factor authentication.

3. Ransomware

Ransomware is a common cyber threat that affects businesses. Hackers carry it out for financial gain. They catch hold of confidential business information and ask for money to stop it from getting leaked. The attack involves encrypting all the systems, files, and documents across devices to make the workforce helpless and create forced downtime until the ransom is paid. Businesses can protect themselves from this threat by creating offline data backups stored far from the office. They must adopt cyber security measures and install intrusion detection systems.

4. Data Breaches

Data breaches are becoming prevalent in the country, wherein hackers gain unauthorised access to business information. They can destroy, modify, steal or leak the information, which can be damaging to the business's reputation. Usually, businesses that store customer details like credit card information get targeted by cybercriminals. They can use this information to hack bank accounts. Entrepreneurs can stay safeguarded from this threat by training their employees to maintain data security. They must follow the customer data privacy protocols, coach remote workers and follow data encryption.

5. SQL injection

SQL injection is a hacking technique in which a malicious SQL query is injected into application's software. It allows cybercriminals to access confidential data, make changes to the information, modify transaction data, impersonate an employee, etc. Hackers use this attack to gather customers' credit card information and misuse it for financial gains. Individuals who plan to acquire businesses for sale in Brisbane must ensure their databases are secure and up-to-date to safeguard them from these threats.

6. Insider Threats

Insider threats can also affect a business significantly because employees have access to confidential data and can misuse it for personal vendetta. They may also leak sensitive information by mistake without ulterior motives because of carelessness. It can lead to fines, downtime, loss of credibility and financial deficits. The insider threat can be prevented by training employees about cyber security protocols and offering access to confidential data to only a limited number of employees with a reliable track record.

7. Denial of Service Attacks

DoS attacks are identified by crashing the website because of an onslaught of traffic that creates too much pressure on the network or server. It can badly impact e-commerce businesses due to loss of customers and trustworthiness. If the site is not up quickly, it can lead to a decline in revenue and negative publicity. The restoration of the site can also impact the business financially and pull it into debt. Entrepreneurs can stay protected by implementing intrusion detection and prevention systems that help to restrain malicious traffic, and they can also use traffic balancers to channel it across servers.

8. Identity Theft

Cybercriminals can take on the identity of a senior employee or the CEO to take out money from the business account or a loan from the bank. They can also steal vital information. It can be a challenging predicament for the individuals whose identity has been stolen because they may have to prove their real identity. It can make banks question their creditworthiness, which can affect funding in future for business growth. Thus, if an individual has a plan to acquire a business for sale in Brisbane, they must secure their personal identity documents

9. Password Attack

Password attacks are quite common and involve cracking the password of an authorised user to enter the system or network. These can be of different types including brute force, password spraying, dictionary attack, credential stuffing, etc. Most users create the same passwords for all logins and do not pay much attention to the strength of the passwords, which increases the vulnerability of the systems. This is why multi-factor authentication is a powerful protective shield against password attacks.

10. Quishing

Like phishing, quishing is a type of cyber threat that uses malicious QR codes to scam workers. Users scanning the QR code are made to divulge sensitive information or download a virus that impacts the business. Since most people trust QR codes, the probability of scanning them without verification is high. It can be used to replicate classified information or gain access to the system. Therefore, aspiring entrepreneurs planning to buy a Brisbane business for sale must train their employees to check the source of the code, use manual online transaction methods and avoid downloading apps or files using codes.

Wrapping Up

Cyber threats are a growing menace in the digitally connected world, where business information and financial transactions are stored on the network. It is vital to keep this secret information private using up-to-date cyber security measures that cannot be breached easily.