The Australian Competition and Consumer Commission (ACCC)’s Targeting Scams report reveals that Australian businesses lost a total of around $3.8 million due to scams in 2016.
The Report ranks the most common types of scams, including ransomware (when a hacker holds a user’s computer hostage with rogue software), business email compromises schemes, false billing and investment scams. The Report also found that that there had been a four-fold increase in hacking scams between 2015 and 2016.
Organisations need to implement measures that protect the data they hold, not only to prevent losses to scammers but also to avoid penalties for possible breaches of relevant laws. For instance, scammers could also gain access to personal information of the customers of the business, which could amount to contraventions of the Privacy Act 1988. Under the Privacy Act, personal information of another must be protected from misuse, interference and loss.
With this in mind, what are some key strategies you can implement to prevent financial loss and potential compliance breaches? Installing data protection software and staying vigilant against suspicious emails is always a good start. But most of all, organisations need to ensure employees are aware of the risks facing the business, their obligations under various laws, and the consequences if the business falls victim to a scam.
GRC Solutions offers a wide-ranging library of Salt Compliance e-learning courses, including Data Protection, Fraud Awareness and Privacy. Contact us today for more information.