Australian businesses faced a sharp rise in cyber threats in August, with over 5,000 malware incidents and 65,000 network attacks recorded, according to WatchGuard Technologies.

While most malware detected were known variants, 7% were zero-day threats - new and harder to defend against. Common attacks included phishing and credential theft, showing that cybercriminals continue to rely on social engineering tactics.

Despite a recent decline in attack numbers, experts warn that threats remain frequent, with network attacks occurring over 90 times per hour.

The recent iiNet data breach, affecting over 280,000 email addresses and customer details, highlights ongoing vulnerabilities. Attacks on QANTAS, Optus, Medicare and others have seem millions of records stolen.

The Insurance Council of Australia (ICA) is advocating for stronger cybersecurity standards, especially for small and medium-sized businesses. Their recommendations include:

• Greater accountability for tech vendors
• Workforce development to embed cyber expertise
• Mandatory reporting of ransomware incidents

As a business, you can be liable if your client records are stolen, resulting in lawsuits and significant fines from the federal government.