Australian SMBs must comprehend cyber-security as much as finance

February 4, 2016

Every day cyber-criminals are benefiting from Australian SMBs that are uneducated and unwilling to properly protect their data. These Australian companies are at risk of becoming “low-hanging fruit” for crooks.

That’s according to James Nunn-Price, who leads Deloitte’s Asia Pacific Cyber unit. He said companies are not reporting ransomware and instead cave into the demands of cyber-criminals and pay them instead. The companies choose to only report the problem to authorities when the ransom amounts substantially escalate, having a mentality to quickly sort out the issue and get it working again.

“I’m amazed at how many Australian businesses pay the money… certainly some super funds, insurers and corporates pay the money because it’s just easier to pay a few hundred dollars and then they wonder why six weeks later they get hit again,” Nunn-Price said.

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