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In the ever-evolving landscape of cyber threats, financial institutions are increasingly becoming prime targets for cybercriminals seeking to exploit vulnerabilities. Latitude Financial, a prominent player in the financial services sector, recently faced the grim reality of such threats when it experienced a significant cyber incident in mid-March. This incident resulted in the theft of approximately 225,000 customer records and triggered a series of events that impacted both the company's operations and its financial performance. The aftermath of the cyber incident was both swift and severe. Latitude Financial reported a staggering $76 million in pre-tax costs and provisions directly related to...
In today's digital age, businesses face an ever-evolving landscape of information security threats that can have severe consequences on their operations and reputation. From sophisticated phishing attacks to insidious malware infections, the challenges are daunting. To stay ahead of the curve, it's crucial for businesses to be aware of the top information security threats they may encounter in 2023. In this blog post, we will delve into these threats, discuss real-life examples, and provide actionable tips to help safeguard your business against potential breaches. Phishing Attacks The Deceptive Web of Cybercrime Phishing attacks have become increasingly prevalent, with hackers using...
ATO Cybersecurity EOFY Tax Scams
As the end of the financial year (EOFY) approaches, Australians need to be on high alert for an alarming surge in tax scams. These fraudsters take advantage of the busy tax season to prey on unsuspecting individuals, capitalising on their anxiety and urgency. According to recent research, one in four Australians has already fallen victim to EOFY-related scams. With tax time just around the corner, it's crucial to arm yourself with knowledge and take proactive steps to safeguard your personal and financial information. In this blog, we'll explore the common types of tax scams and provide valuable tips on how...
Small businesses will be able to deduct a further 20 percent from the cost of cyber security systems and services, as the federal government tries to accelerate digital adoption and uplift the organisation's cyber security posture. Under changes announced on Tuesday 29th of March 2022, the government will allow eligible businesses to deduct $120 for every $100 they spend on services that support their digital capability, which could include spending on cyber security uplift. Under the measure, the government said more than 3.6 million businesses with annual turnover of less than $50 million would be able to claim an additional...
In the vast and complex landscape of the digital age, where financial transactions unfold at lightning speed, we find ourselves facing not only the notorious pig butchering scams but also a myriad of other fraudulent schemes lurking in the shadows. Recent reports from the FBI reveal a rising tide of crypto scams, posing significant risks to unsuspecting investors. As we explore the depths of cyber security, let us not forget that our vigilance must extend beyond the world of traditional scams. So, grab your virtual magnifying glass as we uncover the common threads connecting pig butchering scams with the evolving...
In today's digital age, cyberattacks have become increasingly sophisticated and costly, leaving organizations vulnerable to devastating consequences. Surprisingly, human error remains a leading cause of these breaches, highlighting the urgent need for comprehensive cybersecurity awareness training (CSAT). However, convincing colleagues and stakeholders of the importance of CSAT can be a challenge. In this blog, we explore the critical role of CSAT in safeguarding organisations against cyber threats and provide actionable strategies to earn stakeholder support. Mitigating Risk: The Financial and Reputational Impact: Countless headlines have documented the aftermath of cyberattacks resulting from a single employee's mistake. The financial and reputational...