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The $29bn mistake businesses are making

  • October 20 2020
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The $29bn mistake businesses are making

By Cameron Micallef
October 20 2020

Australians are urged to be vigilant following a surge in remote-access cyber scams.

The $29bn mistake businesses are making

The $29bn mistake businesses are making

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  • October 20 2020
  • Share

Australians are urged to be vigilant following a surge in remote-access cyber scams.

The $29bn mistake businesses are making

Data from the Australian Cyber Security Centre (ACSC) found that an average of 164 cyber crimes occur on a daily basis, costing the economy $29 billion a year.

According to group chief information security officer Keith Howard, ransomware and business email compromise scams have increased significantly since the start of the pandemic, impacting businesses of all shapes and sizes.

“The cost of cyber crime to the Australian economy is increasing every year, and every day we hear stories from our customers, including business customers, who are dealing with the financial and emotional costs of cyber crime,” Mr Howard said.

Despite the cost to business and the economy as a whole, Commbank has found that many businesses still believe cyber security is too technical, complex or expensive to deal with.

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However, the bank states that a cyber security attack has the ability to negatively impact a business, along with suppliers and customers, so there’s never been a more important time for businesses to take steps to ensure their information is protected online.

“A large part of what makes cyber security complex and intimidating is the increasingly sophisticated technology,” Mr Howard said.

“Thankfully however, there are some simple tips people can follow to protect themselves online. That is why it’s really important everyone understands how to make cyber security a part of their day-to-day.”

The $29bn mistake businesses are making
The $29bn mistake businesses are making
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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