Australians reported a massive number of phishing attacks in 2023 – over 108,000 according to Scamwatch. These attacks resulted in staggering losses of $26 million. This doesn't account for the hidden costs associated with data breaches, such as reputational damage and lost productivity. A recent global takedown of a major phishing operation, LabHost, highlights the vulnerability of Australian businesses. The AFP warned that LabHost could have caused an additional $28 million in losses through stolen Australian credentials. These statistics paint a clear picture: phishing attacks are a serious threat to Australian businesses, and SMEs are a prime target.

Here's what you need to know:

• Five Australians were arrested for using LabHost or being involved in related drug offences.
• The arrests were part of a larger international operation involving Europol and law enforcement from many countries.
• LabHost is estimated to have been responsible for stealing personal information from 94,000 Australians and many more overseas.
• The arrests follow more than 108,000 Scamwatch reports of phishing attacks last year, which totalled nearly $26 million in losses in Australia.

The Risk of a Phishing Attack: How Likely Is Your Business to Be Targeted?

Cybercriminals are constantly evolving their tactics, and SMEs are attractive targets due to their potentially less sophisticated security measures as a result, victims of phishing attacks are subject to ongoing security risks and criminal offending, including identity takeovers, extortion and blackmail. It is reported that a whopping 43% of cyberattacks target small businesses. Furthermore, according to the Australian Cyber Security Centre (ACSC), 60% of Australian businesses experienced a cyber security incident in the past year, with phishing attacks being one of the most common threats.

How Can You Protect Your Business?

Traditional security solutions often lack the resources and expertise to combat today's sophisticated cyber threats effectively.

• 24/7 Threat Detection & Monitoring: A dedicated team of security experts constantly monitors your network for suspicious activity, identifying and responding to potential threats before they can cause damage.
• Advanced Phishing Protection: SOCaaS utilises sophisticated technology to detect phishing attempts in emails, websites, and even social media.
• Security Awareness Training: Educate employees to recognise and avoid phishing scams through ongoing security awareness training programs.
• Incident Response & Recovery: In the event of a breach, immediate action is required to contain the damage, minimise losses, and help you get back on track quickly.

Contact us to learn more about how SOCaaS can protect your business from phishing attacks and other cyber threats.

Eleanor Dickinson (18 Apr 2024), IT News https://www.itnews.com.au/news/five-australians-arrested-in-global-raid-on-phishing-kit-seller-labhost-607190