We’re seeing certain scams becoming more prevalent across the small to medium business sector including business email compromise, ransomware, distributed denial of service and supply chain compromise. Our data show the value of scams is also increasing, with a 56 per cent increase in losses for businesses in the 2022 financial year.
“One of the most important things businesses can do to protect themselves is to ensure their staff remain up to date on the ever-changing and increasingly sophisticated scams targeting SMEs.”
Governments globally have recognised the increasing risks and are introducing or amending existing regulations to better protect essential services. For example, following recent breaches, changes are being introduced to the Privacy Act via the Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022 in Australia.
The definition of essential services is also being expanded to include more industries, increasing regulatory pressure on many Australian businesses to comply with legislation and ensure they have strong processes for safely collecting and storing data to avoid potential financial penalties and reputational damage.
One of the most important things businesses can do to protect themselves is to ensure their staff remain up to date on the ever-changing and increasingly sophisticated scams targeting SMEs. ANZ’s Cyber Security for Business guide provides an overview of the most prevalent…
