Cybersecurity Specialist Warns of Potential Digital Breaches During Fiscal Year Closing
In the digital age we live in, businesses are increasingly vulnerable to cyber threats and scams, especially during the end of the fiscal year. The customer service, finance, and IT departments are particularly at risk during this period, as cybercriminals often masquerade as scams with phishing links to click on.
Rigorous training for personnel in these departments is advised to recognise and handle potential threats. This training should include strategies for dealing with phishing attempts, as well as understanding the common themes used by scammers, such as unclaimed refunds or urgent tax payments.
The use of artificial intelligence (AI) in cyber threats and scams is on the rise. AI is used to execute fraud and scams in various forms, including robocalls that incorporate video, audio, and photos. AI is also used to conduct quick, deep research on potential victims from a company's external suppliers to internal staff or management team.
To combat these threats, businesses are advised to deploy defences against credential stuffing attacks, such as bot management solutions. DDoS mitigation measures should also be in place and active to guard against sophisticated attacks like ransomware.
Building resilience, maintaining good cyber hygiene, and remaining vigilant is key for businesses to mitigate from cyber incidents. This includes utilising verification channels and hotlines provided by banks, government agencies like the ATO, ACSC, and Scamwatch for reporting suspected scams. Immediate reporting to these authorities is crucial if a scam has occurred.
Business email compromise is a significant threat during this period due to increased financial communications from the finance department to suppliers to tax auditors. Convincing logos such as the Australian Tax Office and urgent language like the need to action an item in 24 hours are used to pressure victims.
Reuben Koh, the director of security strategy for Asia Pacific and Japan at Akamai Technologies, emphasizes the importance of online security for businesses during the end of the financial year. He states that the threats in cybersecurity have become more sophisticated due to the use of artificial intelligence.
With the rise of cyber threats and scams, it's not a matter of if a cyberattack or scam will occur but when. Prompt reporting to authorities and swift mitigation efforts are necessary for businesses experiencing a data breach due to regulations. Companies in Germany were particularly at risk in late 2021 due to a significant increase in cyberattacks and fraud attempts, with about 90% of surveyed firms reporting attacks and a high success rate of these intrusions, especially affecting critical infrastructures and various industries nationwide.
In conclusion, businesses must be vigilant and proactive in protecting themselves from cyber threats and scams, especially during the end of the financial year. By taking the necessary precautions and staying informed, businesses can help protect themselves and their customers from falling victim to these malicious activities.
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