Australia’s cybercrime surge: Expert warns investors and companies to prioritise security

Cybercrime is on the rise in Australia, with recent statistics revealing that more than one in three small businesses have fallen victim to cybercrime over the past year. 

The Australian Cyber Security Centre data shows that in 2022 alone, there were more than 75,000 reports of cybercrime, so it’s a good time to look at how investors and Australian companies can improve their protection.

Dubai-based cyber security expert Ayman Itani said no business or investment was exempt from this type of crime and Australia’s figures were not surprising. 

“The numbers quoted are high and I see them increasing further,” he said.

“The more devices that are connected to the internet in any business, the more prone they are to cybercrime.” 

From discussions with high-net-worth individuals and company leaders, Mr Itani said multiple factors were often neglected in the lead-up to launching a business right through to the more mature business phases.

“For the investors and the founders: I rarely see cybersecurity on the money they want to raise,” he said. 

“For the investors in the audience, challenge your founders and ask how much they’re investing into cybersecurity.

“Raise the bar for protecting the business because it could not only lose money but (it) could also lose its reputation and its service could be taken down. 

“We will continue facing this issue but start working on a training program for yourself and your employees to detect any suspicious activity.” 

Mr Itani said there were steps and consolidations business owners and investors could take to make their businesses safer.