Next Investors logo grey

Work from home cybersecurity issues are on the rise

Published 20-OCT-2020 10:42 A.M.


2 minute read

Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.

In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.

The below articles were written under our previous business model. We have kept these articles online here for your reference.

Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.

Click Here to View Latest Articles

An increase in the number of Australians working from home due to COVID-19 has resulted in a surge in remote access cyber-scams.

That is the finding of the Commonwealth Bank, whose Group Chief Information Security Officer, Keith Howard, revealed that ransomware and business email compromise scams have increased significantly since the start of the pandemic, impacting businesses of all shapes and sizes.

“The cost of cybercrime to the Australian economy is increasing every year, and every day we hear stories from our customers, including business customers, who are dealing with the financial and emotional costs of cybercrime,” Mr Howard said.

Data from the Australian Cyber Security Centre (ACSC) found cyberattacks on Australian businesses are costing the economy $29 billion a year.

Last financial year, an average of 164 cybercrimes were reported to the ACSC on a daily basis. Further, 62 per cent of small businesses admitted to being affected by a cyber security incident.

While the Commonwealth Bank has launched a range of cyber resources for business customers to help them understand the risks and improve their cyber security, companies such as WhiteHawk (ASX: WHK) are also leading the way in cyber education.

Read more about WHK: WHK Secures A$2.1M US Government Contract Extension

Businesses that need to protect themselves, which is effectively every business across the country, in every state and territory, need to understand the risks they face and the steps they can take to become more resilient through focusing on securing their people, processes and technology.

“Many businesses feel that cyber security is too technical, complex or expensive to deal with, but a cyber security attack has the ability to negatively impact a business, along with suppliers and customers, so there’s never been a more important time for businesses to take steps to ensure their information is protected online.

“A large part of what makes cyber security complex and intimidating is the increasingly sophisticated technology. Thankfully however, there are some simple tips people can follow to protect themselves online. That is why it’s really important everyone understands how to make cyber security a part of their day to day,” Mr Howard said.

“Australian businesses need to ensure they update their operating systems and applications on their computers and phones; ensure all staff are using strong and unique passwords; establish robust payment processes with multiple approvers; train staff on how to recognise suspicious emails; and set expectations with staff on how to handle corporate and customer data securely,” he said.

General Information Only

S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

Conflicts of Interest Notice

S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.

Publication Notice and Disclaimer

The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.

Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.

This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.