We would like to inform you of an important change coming this year for our current clients still using our “Spam Titan” service. Unfortunately, this service has not kept pace with the evolving cyber security landscape. Consequently, we will be discontinuing the “Spam Titan” service in August 2024. We will be reaching out to assist you in transitioning to a more advanced and secure environment designed to keep up with the rapid changes in cyber crime.
In the past year, cyber-attacks have significantly impacted small to medium-sized businesses across Australia. In 2024, the Australian Cyber Security Centre (ACSC) reported that 76,000 cyber crime incidents occurred, representing a substantial increase from previous years. This increase highlights the growing threat and sophistication of cyber-attacks. Specifically, ransomware attacks and business email compromise have been particularly damaging.
Unfortunately, over 60% of small businesses that experience a cyber-attack do not survive the subsequent fallout, including reputational damage. This past year, it was reported that over 1,500 small businesses across Australia had to close their doors permanently due to the severe impact on their reputations.
State-by-state data for 2024 shows the following:
- New South Wales: 12,000 businesses attacked, 350 closed.
- Victoria: 9,500 businesses attacked, 280 closed.
- Queensland: 7,800 businesses attacked, 230 closed.
- Western Australia: 4,600 businesses attacked, 130 closed.
- South Australia: 2,800 businesses attacked, 80 closed.
- Tasmania: 1,000 businesses attacked, 30 closed.
- Australian Capital Territory: 500 businesses attacked, 15 closed.
- Northern Territory: 300 businesses attacked, 10 closed.
These numbers underscore the importance of robust cyber security measures. Cyber criminals, often leveraging advanced AI techniques, can operate without rest, targeting multiple businesses simultaneously. They do not discriminate based on the size or value of the business, making everyone a potential target.
We are committed to ensuring your business is protected and will be offering support and guidance to transition to our new, more secure service platform.
We appreciate your understanding and cooperation as we work together to strengthen the ability of your Cyber Security. Stay tuned for further updates, and thank you for being a valued part of the Time Out! Computers community.
From the Team at Time Out! Computers.
The statistics and insights were gathered from the Australian Cyber Security Centre and various industry reports on the impact of cyber attacks on small to medium-sized businesses in Australia (Australian Retailers Association) (KPMG) (Export Finance Australia).