The Australian Cyber Security Centre (ACSC) Annual Cyber Threat Report 2023-2024 [Released Nov 2024] highlights the evolving cyber threat landscape in Australia. Key findings include increased cyberattacks from state and non-state actors, growing risks to critical infrastructure, and the rise of ransomware incidents targeting businesses and individuals. The report emphasises the need for stronger cyber resilience, awareness, and compliance with frameworks like the Essential 8.
In summary:
- Over 87,400 cybercrime reports were made in FY2023-24, a decrease of 7% from the previous financial year, an average of one report every 6 minutes.
- Answered over 36,700 calls to the Australian Cyber Security Hotline, an
average of 100 calls a day, an increase of 12% from FY2022-23. - The top 3 cybercrimes reported by businesses:
- email compromise resulting in no financial loss (20%).
online banking fraud (13%). - business email compromise (BEC) fraud resulting in financial loss (13%).
- email compromise resulting in no financial loss (20%).
- The average self-reported cost of cybercrime to businesses decreased by 8% overall.
- $49,600 for small business (up 8%).
- $62,800 for medium business (down 35%).
- $63,600 for large business (down 11%).
- Almost $84 million in losses due to BEC were self-reported to ReportCyber.
BEC continues to significantly impact businesses, with an average
financial loss of over $55,000 for each confirmed incident. - ASD responded to over 1,100 cyber security incidents. 11% of all incidents
responded to included ransomware, a 3% increase from last year.
Businesses are urged to adopt proactive measures to mitigate risks.
For a no-obligation assessment of your business protections, please call Rivercity Solutions on 1300 438 727.
