Cybercrime and scams increase by 30%
Earlier this week, we were flooded with reports that Aussie businesses had been targeted by a global cyber-attack, which uses malicious emails to lock down a company’s private data, demanding payment for the data to be released back to the business.
Now, a new report has detailed the shocking extent of cybercrime in Australia. According to the Australian Competition and Consumer Commission (ACCC), along with the Australian Cybercrime Online Reporting Network, online scams have let to the loss of around $300 million across the country. The cost to the economy, however, is estimated to be much higher – $3 billion, in fact.
The ACCC’s Scamwatch program also revealed a 30 per cent increase in the number of scams reported by businesses in 2016 – 6,000 in total. Of those, around 6 per cent admitted the scam had cost them (on average) $10,000 each time.
“That's probably just the tip of the iceberg,” ACCC deputy chairman Michael Schaper told the ABC. “A lot of small businesses shrug their shoulders and wipe it off [when they have been scammed. They think it's too much trouble to report, or it will get back their insurers who will hit them with higher premiums.”
In the wake of these findings, it’s more important than ever to increase personal security online. To read our top tips, click here.