Australia’s cyber threats: Key insights from the ACSC report 2023-2024

Cyber security challenges in Australia are more complex than ever, with new threats affecting individuals, businesses, and critical infrastructure. The Australian Cyber Security Centre (ACSC) recently released its Annual Cyber Threat Report 2023–2024, highlighting the latest trends, risks, and actions needed to stay protected against malicious cyber activity.

Here’s what you need to know:

1. Cybercrime is growing and costly

  • Frequency of incidents: Cybercrime reports reached over 87,400 in FY24, with a report logged every six minutes. Identity theft, online fraud, and email scams are among the top concerns.
  • Financial impact: Small businesses are hit the hardest by the financial impact of cybercrimes financial impact, losing an average of $49,600 per incident—a sharp eight per cent increase from last year.
  • Types of attacks: Email fraud and online banking scams are the most common self-reported cybercrime issues for businesses. Identity theft tops the list for individuals, followed by online shopping and online banking fraud.

2. Ransomware is a major threat

  • Ransomware - where criminals lock your data and demand payment - continues to be a pervasive threat in Australia. 11 per cent of incidents reported in FY24 involved the use of ransomware.
  • We are also seeing a trend of attackers stealing sensitive data from an organisation to pressure victims (both companies and individuals) into paying for the recovery of and ability to regain access to this data.
  • It is crucial to remember that paying a ransom does not guarantee safety and often leads to repeated attacks by cybercriminals. Instead, we recommend focusing on prevention and recovery to protect your business and yourself.

3. Critical infrastructure is a prime target

  • Critical infrastructure organisations are regularly targeted by cybercriminals as they often hold sensitive data and are connected to other critical organisations.
  • Critical services like energy, water, and healthcare are frequent targets of cybercrimes, making up 11 per cent of all reported incidents.
  • Common attack methods when critical infrastructure is targeted include:
    • Phishing emails that trick people into sharing login details.
    • The exploitation of public systems that aren’t properly secured.
    • Brute force attacks—a practice where the attacker submits many passwords or passphrases with the aim of eventually guessing the current password. Businesses with poor cyber security practices, such as repeated or weak passwords, are more susceptible to this type of attack method.
  • Key sectors that are affected by these types of attacks include the energy, water, and transport sectors.

4. State-sponsored cyber attacks

  • Foreign groups, especially from China and Russia, are actively targeting Australian networks to steal information or prepare for potential disruptions.
  • These attackers often exploit weak spots in supply chains or use built-in tools to remain hidden within systems.

5. Artificial Intelligence (AI): Both a risk and an opportunity

  • Criminals are continuing to use AI to create convincing scams, like deepfake videos, making it easier to trick people and breach networks.
  • On the flip side, AI is also being used to improve cyber security in organisations by detecting threats faster and more accurately.

What can you do?

Cyber security is everyone’s responsibility. Here are some strategies that you can implement to protect yourself and your organisation.

Strengthen basic defences

  • Follow the ACSC’s Essential Eight security practices, like keeping software updated and using strong passwords.
  • Use multi-factor authentication (MFA), where a verification code or password is required on more than one device, to add an extra layer of security.

Secure critical systems

  • Separate and protect essential networks, like those controlling power or water services, from regular IT systems.
  • Regularly review and update your security measures to help in identifying and mitigating any potential risks as well as to understand your current security position and implement improvements.

Be prepared for incidents

  • Establish a clear plan for responding to cyber attacks and regularly test it with key stakeholders across your organisation.
  • Back up your data regularly to recover quickly if systems are compromised.

Stay informed and connected

A shared effort for a safer Australia

Cyber threats are evolving, and protecting against them requires collaboration between individuals, businesses, and government. By taking proactive steps and learning from reports like this, we can build a safer digital environment for everyone.

The findings of the Annual Cyber Threat Report 2023-24 underscore the critical importance of robust cyber security measures for businesses, government agencies, and individuals. With the rise in cybercrime, extortion, and ransomware incidents, the threat landscape is becoming increasingly complex and sophisticated. Cybercriminals' targeting of critical infrastructure and use of advanced technologies further highlights the need for proactive and comprehensive cyber security strategies. 

For more practical tips and detailed insights, you can read the full report on cyber.gov.au.

How BDO can help 

BDO’s cyber security team understands the risks associated with disruptive technology and offers a comprehensive suite of cyber security services designed to safeguard your organisation. Our approach includes thoroughly assessing your cyber security maturity level, testing your network for vulnerabilities, and comprehensively assessing risk.