The major bank’s latest cybersecurity report has highlighted the growing threat of cybercrime to brokers and borrowers.
Nearly two-thirds (63%) of Australians have experienced a cyberattack or data breach in the past 12 months, according to a new report released by National Australia Bank (NAB).
Released as part of Cybersecurity Awareness Month, the major bank’s latest consumer cybersecurity survey draws results from interviews with 1,038 Australians conducted between August and September 2024.
According to the NAB report, 62 percent of respondents are either “concerned” or “very concerned” about their personal cybersecurity.
However, while 85 percent of respondents said they were “somewhat familiar” or “very familiar” with basic cybersecurity practices, only 16 percent of respondents said they consistently followed these practices.
NAB Chief Security Officer Sandro Bucchianeri said these findings illustrate the threats many Australian businesses and individuals face every day.
“In today’s digital world, cyberattacks are increasing at an alarming rate, just as Australians face other challenges, including the high cost of living,” Bucchianeri said.
“Working together to keep Australia safe is no longer an option: it is a national imperative. We welcome the Government’s cybersecurity legislation which will help coordinate this national effort and better protect businesses and consumers against the growing wave of cybercrime.
“Our research found that the personal information most commonly compromised by Australians was cyberattacks against large businesses (38% of Australians) and phishing scams (34%).
“We are seeing criminals become more opportunistic and prey on targets that do not have the budget and resources to strengthen cybersecurity protection, including small businesses and individuals. From malicious phishing attempts to sophisticated ransomware attacks, individuals and businesses are constantly targeted by cybercriminals.
Spotlight on scams
The third-party channel has received numerous warnings about the threat of cyberattacks, fraud and scams in recent weeks.
In an opinion piece written for Cyber Daily’s sister brand The Adviser, Laura Hartley, head of group security culture and consulting at NAB, said one in three Australian SMEs had experienced a cyberattack or data breach during the life of its business, encouraging brokers. to stay alert to warning signs.
“The good news is that Australians [have] have become more scam-savvy than a year ago, with a new study from NAB Economics revealing that 70% of people ignore suspicious calls and delete questionable-looking emails,” Hartley said.
“But cybercriminals are also using increasingly sophisticated tactics to deceive businesses.
“Brokers working with professional clients must be particularly vigilant. »
Jonathan Streater, director of JEM Finance Group, told The Adviser there are several steps brokers (and other professionals) could take to protect clients in situations where personal information is very sensitive.
These measures include:
Raise customer awareness about cybersecurity
“Organizations can educate their customers about the types of common scams and offer them best practices for identifying and avoiding them. Encourage customers to use a strong password and multi-factor authentication (MFA) for their accounts,” Streater said.
Adopt secure communication channels
“Using secure customer portals for transmission of sensitive data (i.e. identification, financial details, etc.) and secure file sharing in the cloud. Finally, advise customers to avoid accessing sensitive information over public Wi-Fi or unsecured networks.
Maintain confidentiality and data protection
“Organizations must store customer data securely using secure encryption and backup methods. Have clear policies for securely disposing of sensitive data that is no longer needed.
Cyber insurance and liability
“Organizations should have cyber risk insurance in place, and customers may also wish to put this in place themselves. »
This story was originally published by Cyber Daily’s sister brand, The Adviser.
