How do you protect your business from the rising tide of cybercrime?
The last six years has seen cybercrime move from being statistically insignificant to being the largest economic crime in dollar terms in Australia.
Cybercrime is used to describe both:
- Crimes directed at computers or other information communications technologies (ICTs) such as hacking and denial of service attacks.
- Traditional crimes where computers or ICTs are an integral part of the offence such as online fraud, money laundering and identity theft.
So prevalent is cybercrime that even if businesses don’t believe they have been targeted, this may simply mean they haven’t yet discovered it.
In today’s digital environment the cliché may be true; ‘it’s not a case of if, but when’.
In a 2016 survey of Australian businesses, 65% of respondents said they had experienced some form of cybercrime in the previous 24 months.
In the same survey it was revealed that it had cost five percent of the respondents over $10 million individually to remediate the damage.
In this digital age, organisations have become more reliant on cloud providers, telecommunication providers and applications. This gives rise to the possibility of customer data and personally identifiable information being obtained and on-sold.
Therefore, it now more important than ever to develop a cyber attack prevention and response plan.
At a minimum it should address:
- Containment – analysis of the incident to identify the method of compromise to prevent further spread
- Eradication – identify the method of compromise and develop plans for the remediation of security vulnerabilities discovered
- Restoration – effective planning for business recovery that minimises downtime in the event of an incident
- Investigation – including: digital crime scene investigation; digital evidence searching and documentation; and digital event reconstruction and documentation
- Measurement of economic loss and recoupment (if possible).
By Graeme Bailey, HLB Mann Judd Brisbane
HLB Mann Judd is a leading accounting firm with offices around Australia and New Zealand
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