Small and medium enterprises (SMEs) are today most vulnerable to cyber attacks as they are ill-prepared to deal with this modern day menace. Cyber crimes or cyber-enabled crimes hit one in four Australians – or over 6 million Australians – every day, according to the Australian Cyber Security Centre (ACSC). A lot of these attacks on individuals are aimed at getting access to systems of enterprises they are employed in. Many of these enterprises are small and medium businesses.
Data security is a major issue in Australia and New Zealand, with cyber attacks on the rise and businesses vulnerable to having their data and their customers’ data accessed for nefarious purposes.
The global cost of cybercrime exceeded $600 Billion in 2017 and costs the Australian economy $4.5 billion annually. There have been over 114,000 reports of cybercrime registered with the Australian Cybercrime Online Reporting Network (ACORN) since 2014 and 23,700 were reported in one six month period in 2017.
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