McAfee Enterprise and FireEye today released Cybercrime in a Pandemic World: The Impact of COVID-19 findings, revealing the imminent need
“It is imperative that all business of scale evaluate and prioritise security
Heighted Focus on Key Industries
In addition to increased consumer spending,
Supply Chain & Logistics
According to BCI’s Supply Chain Resilience Report 2021, 27.8% of organisations
Ecommerce & Retail
Australia’s largest peak body for retail, the Australian Retailers Association (ARA) and Roy Morgan forecast that in the lead up to Christmas, the nation’s overall spending will come in at $58.8 billion, virtually unchanged on last year, but up 11.3 per cent on Christmas 2019.
Despite bricks and mortar stores reopening across the nation as lockdowns ease, Australia Post reports eCommerce is up 23.4% from August 2020 and is set to continue throughout the holiday period, making them a bigger target for cyber criminals. According to McAfee Enterprise COVID-19 dashboard, the global retail industry accounts for 5.2% of the total detected cyberthreats. Such threats include compromised payment credentials and cloud storage, as well as other forms of retail fraud and theft.
Cyber threats aren’t new to the travel industry – airports, airlines, travel sites and ride sharing apps have been victims in years past. However, this industry has been in a holding pattern because of travel restrictions. According to Austrade, Australia’s tourism industry was valued at $81 billion in 2020-2021, down 41 percent compared to 2019. As the demand for holiday travel will increase over the coming months, the reality is that cyber criminals are following the trends of limited flight options due to labor shortages, supply chain issues, new travel bans and vaccination requirements and profiting from vulnerabilities as much as they can.
What Organisations Need to Know
While IT professionals know cyber threats have intensified, the findings prove that organisations have not effectively prioritised
· 51% of Australian organisations have suffered from downtime due to a cyber concern, costing some over AUD$130,000
· 83% find maintaining a fully staffed security team/SOC even more challenging during peak periods
· 64% of IT security professionals expect half or more of their organisations’ workforce to be remote in some capacity
Addressing Emerging Threats
There are ways for organisations to be proactive and actionable against cybercrime, such as implementing security measures and industry-wide cybersecurity requirements, and providing cybersecurity awareness training for employees. In addition, enterprises and commercial business can utilise the state-of-the-art local and global telemetry in MVISION Insights, to determine who and what is attacking their specific industry, and determine the actions they can take ahead of time to optimise defences against the threat or campaign.
Cybercrime in a Pandemic World: The Impact of COVID-19 Survey Methodology:
McAfee commissioned a global independent market research specialist MSI-ACI to undertake the research for this study. Between September and October 2021, the quantitative study was carried out, interviewing 1,451 IT and line of business decision makers. Respondents came from the U.S., U.K., Australia, France, Germany, India, Singapore, South Africa and UAE. Respondents had to be an IT business professional, involved in IT security and work for an organisation with more than 500 employees.
Interviews were conducted online using a rigorous multi-level screening process to ensure that only suitable candidates were given the opportunity to participate.
About McAfee Enterprise and FireEye
McAfee Enterprise and FireEye combined in October 2021, bringing together their portfolios and expert teams to create a market-leading security company. With proven technology and unrivaled experience, the company serves more than 40,000 enterprise, commercial, and government customers worldwide. The new company blends innovative technology, intelligence, and automation to help solve the most complex cybersecurity problems for its customers. More at www.mcafee.com/enterprise