The 2023–2024 Annual Cyber Threat Report Reveals Rising Cyber Threat Trends for Individuals and Businesses

The 2023–2024 Annual Cyber Threat Report Reveals Rising Cyber Threat Trends for Individuals and Businesses

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Cyber Threat

Overview

The 2023–2024 Annual Cyber Threat Report from the Australian Signals Directorate (ASD) reports a new rise in cyber threats targeting both individuals and businesses in Australia. As global tensions escalate, particularly due to ongoing conflicts such as Russia’s invasion of Ukraine and strife in the Middle East, cybercriminals and state-sponsored threat actors are intensifying their efforts to exploit vulnerabilities across nations.  

The Australia government stresses the growing threat to its critical infrastructure, with malicious actors continuing to engage in espionage, cybercrime, and disinformation campaigns. At the same time, technological advancements are enabling both state and non-state actors to enhance their cyber capabilities, creating new challenges for businesses, individuals, and government entities alike.

In response to these mounting risks, the Australian Government has committed $15–$20 billion to support the nation’s cyber resilience, strengthen infrastructure security, and support offensive operations against cyber threats. Central to this strategy is the importance of public-private partnerships and the ongoing use of cyber sanctions to target adversarial actors such as Russian cybercriminals.

2023–2024 Annual Cyber Threat Report: Key Findings on Cyber Threat Trends for Individuals

In the 2023–2024 Cyber Threat Trends, the report reveals troubling statistics and insights into the personal cyber risks faced by Australians. Over 87,400 cybercrime reports were made in FY2023–24, marking a 7% decrease from the previous year. This equates to an average of one cybercrime report every six minutes. The Australian Cyber Security Hotline responded to over 36,700 calls in the same period, an increase of 12% compared to FY2022–23, signaling that cyber threats targeting individuals are on the rise.

The most prevalent types of cybercrimes reported by individuals were:

  • Identity fraud (26%)

  • Online shopping fraud (15%)

  • Online banking fraud (12%)

The financial impact of these crimes is substantial. The average cost of cybercrime per report for individuals has risen to approximately $30,700, a 17% increase from the previous year. This figure highlights the growing financial burden that cybercrime places on individuals, many of whom find themselves victims of scams, data breaches, and fraud. According to the Australian Institute of Criminology’s Cybercrime in Australia 2023 report, 34% of Australians had their financial or personal information exposed in a data breach in the last year, with 79% of them being notified by the affected company or a government agency.

Cybercriminals continue to exploit various tactics to carry out their attacks, with common methods including phishing, where cybercriminals impersonate trusted businesses to trick individuals into revealing sensitive information, such as passwords or credit card details. Malware is another frequent tool used to infect devices, steal data, or carry out unauthorized transactions.

The main 2023–2024 cyber threats individuals need to be aware of include:

  • Identity fraud: The theft and misuse of personal information for financial gain or to create fake accounts.

  • Online shopping fraud: Scams that occur when individuals purchase goods or services online, only to be defrauded or receive counterfeit products.

  • Online banking fraud: Cybercriminals gain unauthorized access to bank accounts to steal funds or commit fraudulent activities.

2023–2024 Annual Cyber Threat Report: Cyber Threat Trends for Businesses

The 2023–2024 Annual Cyber Threat Report also provides insights into the growing risks faced by businesses in Australia, particularly those that deal with sensitive customer data or proprietary information. In FY2023–24, businesses reported over 87,400 cybercrime incidents, with a slight 7% decrease from the previous year, though the number remains concerningly high. The Australian Cyber Security Hotline received more than 36,700 calls, highlighting that businesses continue to grapple with increasing cyber threats.

The three primary types of cybercrimes reported by businesses were:

  • Email compromise (20%)

  • Online banking fraud (13%)

  • Business email compromise (BEC) fraud, which resulted in financial losses (13%)

The average self-reported cost of cybercrime to businesses showed a mixed picture. For small businesses, the average loss increased by 8%, reaching $49,600, while medium-sized businesses saw a significant 35% decline, down to $62,800, and large businesses experienced an 11% decrease, to $63,600. Despite this overall decrease, BEC remains one of the most financially damaging threats, with Australian businesses reporting losses of nearly $84 million due to these scams.

BEC continues to have a impact, with an average loss of more than $55,000 per confirmed incident. This type of fraud typically involves attackers impersonating trusted figures within an organization to trick employees into authorizing fraudulent transactions or providing sensitive information.

In terms of security incidents, ASD responded to over 1,100 incidents, with 11% of these attacks targeting critical infrastructure, reflecting the growing vulnerability of Australia’s essential services to cyber threats. Ransomware attacks, in particular, have increased by 3% from the previous year, further underscoring the need for businesses to adopt proactive measures to defend against cybercriminals.

Common cyber threats facing businesses today include:

  • Online banking fraud

  • Email compromise, including phishing attacks

  • Business email compromise (BEC) fraud

To mitigate these threats, businesses must implement comprehensive security measures and adopt best practices such as the ASD’s Essential Eight—a set of cybersecurity strategies designed to reduce the risk of cyberattacks. Additionally, organizations should train their employees to recognize phishing attempts and suspicious activity.

The Cyble ANZ Report on Cyber Threat Trends

Along with the 2023–2024 Annual Cyber Threat Report, Cyble recently shared its ANZ Cyber Threat Landscape Report 2024 offering a critical supplement to the annual report, providing additional insights into the threat environment faced by both individuals and businesses in Australia. Cyble’s report highlights the rapid rise of cybercrime-as-a-service (CaaS) platforms, which continue to democratize cybercrime, allowing even less technically skilled individuals to launch devastating attacks. These platforms sell malware, ransomware, and exploits, lowering the entry barriers for criminals and increasing the frequency and sophistication of attacks.

Key Threats Identified in the Cyble ANZ Report

  1. Ransomware: Cyble’s research highlights the growing risk of ransomware attacks across various sectors, with Australian businesses increasingly falling victim to this type of threat. Notably, Conti, LockBit, and Clop are some of the most active ransomware families identified in the region, and their impact continues to grow. These groups have increasingly used tactics such as data exfiltration, threatening to release sensitive data unless a ransom is paid.

  2. Supply Chain Attacks: The report notes an increase in attacks targeting third-party suppliers, leveraging their vulnerabilities to gain access to larger organizations. Attackers often infiltrate smaller organizations with weaker cybersecurity measures, using them as steppingstones to gain access to larger, more lucrative targets. This type of attack is particularly concerning as businesses often rely on third-party suppliers for critical services and infrastructure, making them vulnerable to cascading effects.

  3. Phishing and Business Email Compromise (BEC): Cyble’s analysis of social engineering tactics reveals a rise in phishing attacks, which remain one of the most commonly used methods for infiltrating organizations. BEC campaigns are also on the rise, where attackers impersonate trusted business partners or executives to deceive employees into transferring funds or sharing sensitive information.

  4. Dark Web Activity: The Cyble report emphasizes the growing role of the dark web in facilitating cybercrime. The increasing volume of stolen credentials, malicious tools, and data leaks sold on dark web marketplaces presents a serious risk to both individuals and businesses.

A key focus of both the 2023–2024 Annual Cyber Threat Report and the Cyble ANZ Report is the growing risks to Australia’s critical infrastructure. Cybercriminals, as well as state-sponsored threat actors, continue to target sectors vital to the nation’s security and economic stability, including energy, water, transportation, and telecommunications. These sectors are particularly attractive to cyber adversaries due to the potential for widespread disruption and financial and operational impact.

Conclusion

To effectively mitigate the growing cyber risks highlighted in the 2023–2024 Annual Cyber Threat Report and the Cyble ANZ Cyber Threat Landscape Report 2024, both individuals and businesses must stay alert and adopt proactive security measures. For individuals, practices like multi-factor authentication, strong passphrases, and regular software updates are essential for reducing the likelihood of cybercrime. Businesses should follow the ASD’s Essential Eight guidelines, implement vulnerability management, and maintain strong partnerships with cybersecurity agencies.

References

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