From Myth to Reality: The Growth of Cyber Threats
Cyber threats have existed as long as the internet, but for a long time they were tall tales and urban legends that only happened to those who strayed from the well-lit paths and refused to update their systems or used “password123”. However, as the world becomes increasingly digital, the threat of cyber breaches is now a real danger for every business.
In recent weeks, the landscape has changed dramatically. Since the beginning of April, major Australian institutions, including the Big Four banks and AustralianSuper, have fallen victim to significant cybersecurity breaches. These aren’t obscure companies or poorly managed startups. These are industry giants, considered among the most secure and well-defended organisations in the country.
If it can happen to them, it can happen to anyone.
Keeping Up with the Changing Cyber Landscape
This growing threat isn’t restricted to a couple naive employees clicking suspicious links or small businesses running outdated antivirus software. It’s now a broad, ever-present risk that affects every Australian – whether you’re a sole trader, a multinational executive, or just someone trying to protect personal information online.
According to the Australian Cyber Security Centre (ACSC), over 87,000 cybercrime reports were made in 2024. And these are only the attacks that were officially reported.
In addition to this, recent legislation changes are shifting Australia’s cyber landscape. Previously best-practice security measures were recommended by regulators, but now minimum requirements are being enforced, and businesses who don’t take reasonable steps to meet these requirements are getting penalised.
Company directors and business leaders are also liable if their business fails to demonstrate compliance with cybersecurity obligations. This can result not just financial penalties, but also reputational harm and legal liability.
This underscores the importance of not just implementing good practices but also being able to document and justify them when required.
Where To Begin?
Cybercriminals are becoming more well-resourced and more sophisticated, employing tactics ranging from ransomware and phishing to supply chain attacks and identity theft.
Despite how well-resourced and sophisticated today’s attackers are, some of the most effective defence strategies remain simple and inexpensive. It starts with getting the basics right:
- Multi-Factor Authentication (MFA): Adds an extra layer of security beyond just passwords.
- Strong, unique passwords: Avoid reusing them and consider using a password manager.
- Regular data backups: Ensure your backups are frequent, stored in multiple locations, and test them regularly to confirm they can be recovered.
- System and software updates: Keeping your systems current is one of the easiest ways to block known vulnerabilities.
The key is consistency. These aren’t “set-and-forget” tasks—they require regular maintenance and awareness.
Incident Response Plans – A Must Have
Once you have these basics working consistently, it’s time to take the next step as even with strong basic practices, no system is completely immune. That’s why it’s critical for every organisation to have a clear, documented cyber incident response plan. If an attack does happen, your team needs to know:
- Who is responsible for what?
- What immediate actions should be taken to contain the damage?
- How will internal and external stakeholders be informed?
- What are the legal or regulatory steps that must follow?
A well-prepared response can reduce downtime caused by a cyber-attack, limit reputational damage, and keep customers and regulators confident in your ability to manage crises.
Independent Cybersecurity Assessments: Your Strategic Advantage
For many businesses, especially small to medium sized, knowing where to start can feel overwhelming. That’s where independent cybersecurity assessments come in. These assessments are designed to evaluate your existing cyber defences and identify both your strongest areas and your biggest vulnerabilities. Importantly, they also provide clear guidance on where to focus your efforts first, and how to tackle the issues effectively.
Stay Prepared To Stay Secure
Cybersecurity is not a myth lurking in the shadows waiting to prey on those who stumble off the path. It’s a real, immediate, and persistent threat, that’s knocking on everyone’s door regardless of size, industry, or preparedness.
While the threat is serious, it’s not unavoidable. By understanding the risks, acting proactively, and investing in the right tools and expertise, Australian businesses can be prepared to meet this challenge head-on.
By understanding regulations, doing the basics consistently, having a plan, learning where you need to improve, and treating cybersecurity like an ongoing and vital part of your business, you can put your business in the best position to reduce the chances of a breach and the harm of one if it does happen.
