Cybercrime frequency, costs up in Australia: Annual Cyber Threat Report

The Australian Cyber and Security Centre (ACSC) has released the Annual Cyber Threat Report 2021-22.

The third annual report launched by the ACSC (part of the Australian Signals Directorate) includes the key findings:

• The ACSC received over 76,000 cybercrime reports, an increase of nearly 13 per cent from the previous financial year.
• On average one cybercrime report was received every seven minutes, compared to every eight minutes last financial year.
• There has been a 25 per cent increase in the number of publicly reported software vulnerabilities.
• Financial losses due to Business Email Compromise increased to over $98 million, with an average cost of $69,000 per report.
• The average cost per cybercrime report has risen to around $40,000 for small business, over $88,000 for medium business, and over $62,000 for large business.

“Over the last financial year Australia has witnessed a heightened level of malicious cyber activity, reflecting the evolving strategic competition across the globe,” said home affairs minister Richard Marles in a statement on Friday.

“This has been clearly demonstrated in the brutal invasion of Ukraine – where Russia has sought to cause damage not just in traditional warfare, but through the use of destructive malware as well.

“Threat actors across the world continue to find innovative ways to deploy online attacks, as a result too many Australians have felt the impacts of cybercrime.”

The ACSC describes the Cyber Threat Report as its “flagship unclassified publication”, providing an overview of key cyber threats impacting Australia, the agency’s responses to the threat environment, and advice for individuals and organisations to protect themselves online.

It can be accessed here.