The increased prevalence of remote working due to COVID-19 by businesses and governments has seen a parallel lift in cyber attacks.
It follows, that this will directly lead to a significant spike in cyber-crime losses and, with it, a largely avoidable medium and long-term economic impact that Australia needs to address with an immediate sense of urgency.
While the consumer threats have been rapidly exploited by cyber criminals and growing losses already well documented, it is certain that business and government risks may be many multiples of the losses experienced by consumers.
It is also likely that successful attacks will go undetected for longer than normal periods. In 2019, the IBM-Ponemon data breach study assessed that the average time to detect a breach was 206 days.
Mobility and work from home technology have been enabled for some time with vulnerable authentication and end point security. This has resulted in many of today’s corporate and government breaches.
The current COVID-19 pandemic is placing IT professionals in a seemingly impossible position of:
With breaches already escalating and the World Economic Forum listing cyber-crime as the single largest economic threat behind environmental issues, it follows that the two pressures on IT mentioned above will lead to greater cyber losses on already stressed economies.
In 2019, it was already being estimated by CyberSecurity Ventures that the economic impact of cyber-crime would exceed $US6 trillion in 2021.
The Australian Government, along with government officials from many other countries, are issuing warnings about cy ..
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