Tag: Cyber Crime

Ransomware – Are you the Next Target?

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In 2021, many Australians fell victim to ransomware attacks and the accounting industry was in the top three industry sectors to notify data breaches. The Office of the Australian Information Commissioner (OAIC) reported an increase of 24% in ransomware incidents from the previous six month reporting period.  Average ransom payments…

Scammers impersonate ATO, costing Australians dearly

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A recent upsurge in fraudulent activity has plagued Australian taxpayers, continuing an already existing trend that takes advantage of people’s fears. Scammers have been impersonating the Australian Taxation Office (ATO), conning hundreds of people out of their savings. In 2020, Australians lost a reported $11.8 million to such incidents. The…

Cybercrimes Said to Have Affected 1 in 6 People

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A report by NortonLifeLock Digital Transformation claims that one in every six people in Australia were defrauded by cybercrimes during the lockdown. Increased screen time has led to a spike in the number of suspected cases. The spread of the coronavirus led to a work-from-home environment for many businesses, yet…

Australian Government Invests in Cyber Security

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In response to a number of apparently state-sponsored cyberattacks in June, the federal government has announced its largest ever investment in cyber security – with $1.35 billion of funding dedicated over the next ten years “My government’s record investment in our nation’s cyber security will help ensure we have the…

Australia to Inject $15 Billion into Fighting Cyber Attacks

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In response to recent cyber-attacks on government websites and private networks, the Australian Department of Defence has announced that it will release a $15 billion package to boost security measures. $1.35 billion of this money has been earmarked to recruit 500 spies who will guard against state-sponsored hackers. Prime Minister…

Sydney Woman Arrested for Role in Illegal Cryptocurrency Exchange

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A 52-year-old woman was arrested by New South Wales police last month for her part in running an illegal cryptocurrency exchange. The case is the first of its kind in Australian history. The woman’s arrest came as part of a government crackdown on unlawful cryptocurrency exchanges, which officials say can…

The effects of Covid-19 on cyber crime

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There are a number of reports emerging that predicts e-scams are likely to increase in the coming weeks and months. The Australian Cyber Security Centre have encouraged everyone to remain alert and the Australian Competition and Consumer Commission have received over 140 reports from individuals and businesses across Australia about…

Australian Businesses are Losing Billions to Cyber Attacks

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Each year, Australian businesses are losing approximately $29 billion due to cyber attacks. Officials say they receive a report of a cyber attack every 10 minutes. According to a Business SA report, the average cost of a cyber attack is $276,000. Adam Thomson, communications and engagement director of Crime Stoppers,…

Federal Court Calls for Further Orders Related to SMSF Scheme

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Recent fraudulent practices from the SMSF scheme My Wealth Manager Financial Services have led the Federal Court to issue further orders to company leaders Mubashir Mohammed, Mahek Mustafa, and Mustafa Mohammed, who apparently have all have left the country, despite previous orders demanding that they stay in Australia. The court…

Data Reveals Widespread Cybercrime in Australia

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According to Australia’s online security watchdog, the country’s Cyber Security Centre receives reports of cybercrime every 10 minutes. Since July 2019, Australians have filed more than 13,500 reports of cybercrime to the Australian Cyber Security Centre (ACSC), the rough equivalent of one report every ten minutes. The number may actually…