New data from Texas-based Zimperium – one of Telstra Ventures’ more than 80 investments – has revealed the locations most vulnerable to cyberattacks in Australia and New Zealand. It’s a crisis set to worsen, with cybersecurity failure the biggest challenge businesses face over the next two years, joining climate change, according to the World Economic Forum. Already, cyber attacks have skyrocketed during the pandemic, increasing 13% last year, costing Australians $ 33 billion as the Australian Cyber Security Center received 67,500 cybercrime reports. Zimperium, which protects the smartphones and other mobile devices of tens of thousands of U.S. soldiers around the world after winning a contract with the U.S. Department of Defense in late 2020 – said cybercriminals were exploiting a loosening of online security protocols companies while many employees are working. of the House. Zimperium Asia-Pacific chief executive Akhil Bhutani said the attacks were platform independent, targeting both Apple and Android devices, with unsecured Wi-Fi networks being the most vulnerable point. companies have sacrificed the security of their mobile devices in order to allow their employees to work effectively remotely, ”said Bhutani. “So what we are healing is that almost half of organizations have sacrificed the security of their data, devices in order to allow access to mobile devices. They know there is a problem, but they are willing to take the risk. Phishing attacks (or malicious emails) were the most common form of attack, accounting for 90%. Mr Bhutani said it can be broad, with spam infiltrating inboxes, or targeted at businesses and individuals. App attacks, where criminals exploit poorly protected code in apps downloaded to mobile devices, were also popular. Mr Bhutani said that insecure Wi-Fi networks and allowing anyone to access Airdrop on Apple devices was a vulnerable entry point for attackers because they allowed them to access information about them. people and monitor them. “Apple has done a really good job installing security controls… could be used for surveillance. “And situations like this are where we come in and say, ‘OK, this is where you need to think about the hygiene of your mobile device, how do you keep your device clean, how you keep it safe. The attacks were spread across major Australian population centers, according to data from Zimperium. Similar mapping carried out by the company in Japan ahead of the Tokyo Olympics last year revealed that unsecured Wi-Fi around train stations was an entry point for attackers. The World Economic Forum report, released in partnership with Marsh McLennan, Zurich Insurance Group and SK Group, revealed cybersecurity failure among the top five challenges businesses face, along with extreme weather, failure climate action, infectious disease and debt crises. Marsh Head of Risk Management, Asia and the Pacific, Scott Leney, said the growing digital dependence over the past 20 years has “radically changed the way people work. companies, Covid-19 accelerating the digital transformation strategies of many organizations ”. “Cyber security failure has been named the number one global risk by four countries, the UK, Ireland, New Zealand and Australia,” Leney said. organizations of all sizes and in all sectors and beyond our ability to prevent or respond to them effectively. “The supply chain, as felt so acutely during Covid, and systemic risk are now gaining more attention from business leaders. Mr Leney’s colleague Carolina Klint, the March Risk CEO of Continental Europe said that as businesses recover from the pandemic, they are rightly focusing on organizational resilience and environmental, social and governance references. But they needed to adopt more sophisticated cybersecurity defenses. “With cyber threats now growing faster than our ability to eradicate them permanently, it is clear that neither resilience nor governance is possible without credible and sophisticated cyber risk management plans,” said Ms. Klint. Likewise, organizations must begin to understand their space risks, particularly the risk to satellites on which we have become increasingly dependent, given the rise in ambitions and geopolitical tensions. The World Economic Forum report involves a survey of more than 12,000 business leaders in 124 economies between May and September of last year. Telstra Ventures has branded cyber attack a “modern version of warfare” that will force business leaders to step forward to protect health and hospital systems and vulnerable Australians. Telstra-backed venture capital fund and US private equity heavyweight HarbourVest have invested more than $ 100 million. ($ 138.6 million) on more than a dozen cybersecurity startups to bolster defenses for large ness companies Online attacks by criminals and foreign powers are growing in volume and scale. “Between 60% and 80% of businesses have been victims of ransomware in the past year. No wonder we’ve seen governments and businesses ramp up their efforts to try and tackle criminals, ”Telstra Ventures CEO Matthew Koertge said this week. “However, accessible and usable tools mean that attacks are easier to orchestrate, hence ransomware. US bank payments nearly doubled between 2020 and 2021. As the frequency of these attacks increases, so does the power of financial luring for criminals. This problem won’t go away anytime soon and I think it will get worse in 2022 before it gets better.