There is no doubt that 2022 was the most challenging year to date for cyber security in Australia. With a number of highly publicised security incidents, cybercriminals have wreaked havoc resulting in millions of customer’s personal information being uploaded to the dark web – it was a year that saw cyber security being elevated to the highest priority.
The increasing cyber risk landscape facing Australian businesses has resulted in changes to the penalty regime for serious or repeated breaches of the Privacy Act 1988 – Under The Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022, Australian companies can now be fined up to AUD $50 million for data breaches. Previously, the penalty for severe data exposures was AUD $2.22 million, which is now considered inadequate given the increased prevalence and level of sophistication of cyber threats.
As we move into 2023, the threat landscape continues to strengthen and evolve. Threat actors are becoming increasingly sophisticated and aggressive in their attacks, targeting enterprises of all sizes throughout every industry. Mandiant recently released key findings from its Cyber Security Forecast 2023, which forecasts the global threat landscape so companies can mitigate likely cyber threats.
In the APAC region, the report states that manufacturers could be a major target for ransomware operators. As IT and OT converge and become more digitised, there is a greater opportunity for hacktivists to gain access to the OT environments. To maintain business continuity and secure your network infrastructure and supply chain, it’s important to stay ahead of threats by boosting the ability to monitor, detect and respond to threats to enable strong recovery strategies.
Another key issue for our region moving forward is our solidarity for Ukraine resulting from the Russian invasion. Australian sanctions on Russia for invading Ukraine could see Russia expanding its cyber op ..
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