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The major bank’s latest cyber security report has highlighted the escalating threat of cyber crime to brokers and borrowers.
Almost two-thirds (63 per cent) of Australians experienced a cyber attack or data breach during the last 12 months, according to a new report released by National Australia Bank (NAB).
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Released as part of Cyber Security Awareness Month, the major bank’s latest Consumer Cyber Security Survey draws results from interviews with 1,038 Australians conducted between August and September 2024.
According to NAB’s report, 62 per cent of respondents are either “concerned” or “very concerned” about their personal cyber security.
However, while 85 per cent of respondents claimed to be “quite familiar” or “very familiar” with basic cyber security practices, only 16 per cent of respondents said they were consistently following these practices.
Sandro Bucchianeri, NAB chief security officer, said these findings illustrated the threats many Australian businesses and individuals face daily.
“In today’s digital world, cyber attacks are surging at an alarming rate just as Australians are contending with other challenges including the high cost of living,” Bucchianeri said.
“Working together to secure Australia’s cyber security is no longer optional – it’s a national imperative. We welcome the Government’s cyber security legislation that will help coordinate this national effort and better protect businesses and consumers from the rising tide of cyber crime.
“Our research found the most common ways Australians had personal information compromised were through cyber attacks on major companies (38 per cent of Australians) and falling victim to phishing scams (34 per cent).
“We’re seeing criminals becoming more opportunistic, going after targets that don’t have the budget and resources for heightened cyber security protections, including small business and individuals. From malicious phishing attempts to sophisticated ransomware attacks, both individuals and businesses are being constantly targeted by cyber criminals.”
Spotlight on scams
The third-party channel has received plenty of warnings about the threat of cyber attacks, fraud, and scams in recent weeks.
In an opinion piece written for The Adviser, Laura Hartley, head of group security culture & advisory, at NAB said one in three Australian SMEs have experienced a cyber attack or data breach during the life of their business, encouraging brokers to stay alert to red flags.
“The good news is that Australians [have] become more scam-savvy than they were a year ago, with new research from NAB Economics finding 70 per cent of people ignore suspicious calls and delete questionable looking emails,” Hartley said.
“But cyber criminals are also becoming more sophisticated in the tactics they use to deceive businesses.
“Brokers working with business customers should be especially vigilant.”
Jonathan Streater, JEM Finance Group director, told The Adviser brokers could take several measures to protect clients in situations where personal information is highly sensitive.
These measures include:
Educating Clients on Cybersecurity
"Brokers can educate clients on the types of common scams and provide best practices for identifying and avoiding them. Encourage clients to use strong password and multi-factor authentication (MFA) for their accounts," Streater said.
Adopting Secure Communication Channels
"Using secure client portals for transmitting sensitive data (i.e. identification, financial details etc), and secure cloud base file sharing. Lastly, highlight to clients to avoid accessing sensitive information over public Wi-Fi or unsecured networks."
Maintaining Data Privacy and Protection
"Brokers to store client data securely using encryption and secure backup methods. Have clear policies for securely disposing of sensitive data that is no longer needed."
Cyber Insurance and Liability
"Brokers should have Cyber Risk Insurance in place, and clients may also want to have this in place themselves."
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