Extent of cyber attacks in Australia revealed

Survey highlights the need for cyber insurance in the face of growing threat

Extent of cyber attacks in Australia revealed

Insurance News

By Mina Martin

A recent survey has revealed that 90% of Australian organisations have faced some sort of cybersecurity compromise during the 2015-16 financial year, highlighting the need for cyber insurance to avoid massive financial losses from a cyber attack.

The survey by the Australian Cyber Security Centre (ACSC) polled 113 organisations, 90% of which claimed to have experienced some form of attempted or successful cybersecurity compromise.

The inaugural Cybersecurity Survey found that the respondents experienced numerous malicious cyber threats on a daily basis, with spear phishing emails alone affecting organisations up to “hundreds of times a day,” ZDNet reported.

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The report aimed to understand how prepared Australian organisations are in the face of the growing cyber threat, the ACSC said, noting that experiencing a cyber incident is not a matter of if, but when and what type.

The survey found that 86% of respondents faced attempts to compromise the confidentiality, integrity, or availability of their network data or system, with 58% experiencing at least one incident that successfully compromised data and/or systems.

Of the compromises experienced, 42% were due to malware, 42% due to phishing, and 19% were caused by distributed denial-of-service (DdoS) attacks.

Attempted or successful compromises caused tangible impacts to 60% of the organisations.

“Given that only 2% of organisations reported having completely outsourced IT functions, these figures suggest organisations are not adequately focusing on monitoring networks and detecting potentially malicious activity,” the ACSC report said.

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