Australian businesses at risk of cyber crime

Richard Laycock 27 November 2017

Man looking at computer screen with los of code

Cyber Monday is leaving Aussie businesses vulnerable to hackers.

Cyber Monday is upon us but new research from Allianz Global Assistance (AGA) has found that 56% of small businesses in Australia may be leaving us vulnerable to cyber threats.

This number is surprising considering that cyber crime ranks third behind economic factors and cash flow on the list of key business threats faced by Aussie companies.

While the AGA research found that 20% of businesses said that their businesses were "very well" protected, this number is not high enough as there has been a 300% increase in cyber attacks globally over the last year.

With so many Australians heading online to take advantage of deals for last week's Black Friday sales and today's Cyber Monday sales, businesses without adequate security are leaving us at risk to a range of cyber crimes ranging from data breaches to identity theft.

“It is alarming to see that cyber crime is increasing, yet organisations that regularly review and test IT systems is decreasing – 73% in 2015 to 57% in 2016," said Allianz Global Assistance chief sales officer Brad Smith in a statement.

To help prevent cyber attacks, AGA recommends Australian companies use high-quality anti-virus software.

As a back-up to these services, AGA launched its Cyber Assist, which is a suite of cyber protection services that provide 24/7 support and system recovery for victims.

"If the issue cannot be resolved off site, then one of our mobile technicians will respond in person,” said Allianz Global Assistance cyber protection technician and cyber security expert for Uber geeks, Sean Cunningham.
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