Cyber threats on the rise – ASD report

Cost to businesses skyrockets

Cyber threats on the rise – ASD report


By Roxanne Libatique

The Australian Signals Directorate (ASD) has released its latest Cyber Threat Report, revealing that cyber threats impacting businesses, organisations, and individuals across Australia have increased.

The fourth ASD Cyber Threat Report found that malicious cyber activity has increased in frequency, cost, and severity in the 2022-23 financial year compared to the previous financial year.

Key results

The report revealed that reporting of cyber security incidents impacting Australian critical infrastructure rose by nearly one-third in the 2022-23 financial year from the previous financial year, with around 57% of cyber incidents reported by critical infrastructure entities involving:

  • compromised accounts or credentials
  • compromised assets, networks, or infrastructure
  • denial of service attacks

During the 2022-23 financial year, ReportCyber received nearly 94,000 cybercrime reports, a 23% increase compared to the previous financial year.

Commenting on the latest ASD Cyber Threat Report's findings, ASD head Abi Bradshaw said the report demonstrated the persistent threat that state cyber capabilities pose to Australia, including cyber espionage and disruptive activities against essential services.

“The report demonstrates the persistence and tenacity of these cyber actors. It shows that these adversaries constantly test vulnerabilities in Australia's cyber ecosystem and employ a range of techniques to evade Australia's cyber defences,” Bradshaw said. “The threat environment characterised in this report underscores the importance of ASD's work in defending Australia's security and prosperity.”

The report also revealed that the cost of cybercrime to businesses rose by 14% compared to the previous financial year. Small businesses experienced an average financial loss of $46,000, medium businesses an average of $97,200, and large businesses an average of $71,600.

The Australian Securities and Investments Commission's latest report, which analysed the results of its cyber pulse survey, also outlined cyber threats in Australia and the gaps in the cyber capability of corporate Australia.


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