Cyber criminals to target small business

Small to medium sized businesses are facing increased risk of cyber attacks as larger organisations harden their defences against attacks, prompting cyber criminals to look at softer targets.

A new report by CyberCX has sounded the alarm on a growing threat of cyber attacks facing small businesses as larger companies acquire more sophisticated defences against cyber attacks.​

Small to medium businesses are facing an increased risk of cyber attacks as larger organisations harden their defences against malicious data breaches, prompting cyber criminals to look for softer targets.

A new report by CyberCX has sounded the alarm on a growing threat of cyber attacks facing small businesses as larger companies acquire more sophisticated defences against cyber attacks.

The research also reveals total cyber extortion attacks are at ­record levels, with ransomware attacks and data theft extortion the most popular types of cyber crime since 2019.

“In the last two years, ­CyberCX has observed a renewed focus by cyber criminals on small to medium-sized organisations,” the report reads.

“This is because the lucrative cyber extortion economy is attracting more and more criminals, while the rise of ransomware as a service has lowered barriers to entry.

“Increased public awareness, especially of ransomware, has also meant big organisations with big security budgets are getting better at preparing for and defending against cyber extortion.”

Professional services firms remain the most affected by cyber crime, followed by engineering and manufacturing firms and then healthcare and IT.

The report highlights a structural shift in the way cyber crime is carried out following the dissolution of large ransomware organisations driven by geopolitical factors including the Russian-Ukraine war.

CyberCX chief strategy officer Alastair MacGibbon told The Australian the fracturing of cyber gangs meant criminals were becoming more malicious in order to maximise harm.

“We have seen these groups fracture and shift, which really makes it harder to deal with them,” Mr MacGibbon said. “We can see them becoming more ­malicious and they are attempting to extract more revenue.”

The report states global cyber extortion payments had already reached $US449m ($632m) by the middle of this year and are on track to pass the previous record of $US939m, set in 2021.

The report comes ahead of the Albanese government’s release of its seven-year Cyber Security Strategy, expected to be made public by Home Affairs Minister Clare O’Neil within weeks.

Labor flagged an overhaul to the previous government’s $1.7bn 10-year national cyber security strategy in February this year amid fears Australia’s legislative, government and private sector cyber defences were not keeping pace with fast-moving technological and geostrategic threats.

Mr MacGibbon said he would welcome new laws to bolster protections for government and the private sector. “Everyone wants to see better mechanisms to protect the community, with businesses and government sharing information better,” he said