Updated on 5th March 2024

Cybercrime continues to evolve to take advantage of new technologies, consumer behaviours and working arrangements.

Despite combined activity by the Government, law enforcement, private sector, and community to disrupt and prevent scams, cyber-crime incidents continue to rise.

According to the ASD Cyber Threat Report 2022- 2023 , the top 3 types of cyber-crime reported by businesses were email compromise, business email compromise fraud and online banking fraud.

The average loss per incident was $46k for small businesses, $97k for medium businesses and $72k for large businesses. Over the last 2 financial years the average self-reported cost of cybercrime to businesses increased by 14% each year. Beyond the substantial financial impact, individuals and businesses also faced consequences affecting both personal health and  legal challenges.

In response to the escalating risk, ScotPac is continuously investing in technology and processes to ensure that communications and transactions linked to the business are protected, authenticated, and trusted.

According to information provided to the Australian Signals Directorate (ASD), the three most prevalent cybercrimes in 2022-2023 are:

1. Cybercriminals gaining access to business emails to implement ransomware or steal data.

How to protect yourself: Use Multi Factor Authentication (MFA) wherever possible, especially for Microsoft 365 or Google Workspace. Never click on a link or attachment in an email unless it is expected and you are certain it’s safe.

2. Cybercriminals impersonating trusted senders, to scam businesses out of money and tricking employees into revealing important business information.

How to protect yourself: Verify the identity of callers or email senders before revealing sensitive information. Cybercriminals can make the sender look like a legitimate client or vendor.

3. Online banking fraud, including payment redirection scams.

How to protect yourself: Be wary of phone calls, SMS’ and emails that claim to be from a bank or other institutions. Be alert for payment redirection scams and ensure your customers and other businesses in your network are applying the same vigilance. Monitor your accounts and always verify any change in payment directions from a client or vendor over the phone. Make sure to use strong passwords for online banking.

You can also find useful information and guides at Australian Cyber Security Centre (ACSC’s) website. While Scam Watch can also help keep you informed of current scams and statistics.