Advisers alerted to increased risk of cyber attacks due to Ukraine

The Australian Cyber Security Centre (ACSC) and Prime Minister Scott Morrison have encouraged local businesses to urgently adopt an enhanced cyber security position as Australia continues to impose sanctions on Russia.

Last week, the PM said Russian retaliation is most likely to come in the form of cyber attacks.

“It’s an issue in which we need to be constantly vigilant,” Mr Morrison said.

Joining the call for vigilance, CPA’s Gavan Ord said that while there has been no confirmation to date of any specific cyber threats or incidents involving Australia, “we have been advised that businesses overseas have been impacted”.

“Australian small businesses have low levels of cyber resilience and preparedness generally. This is an urgent wake-up call to them. They must take urgent action or wear the consequences,” the senior manager of business policy said.

“While Australia is a long distance from the conflict, we are only a keyboard click away from malicious cyber actors. Cyber criminals can cause millions of dollars in damage and the loss of sensitive client and financial data,” Mr Ord cautioned.

Advisers and accountants are also being encouraged to spread the word among their clients.

“Practitioners should use their client communication channels to advise their business clients of this risk,” Mr Ord said.

Russia is believed to be using an onslaught of cyber attacks to undermine Ukraine, with governments around the world worried the situation could spill over into other countries.

On Thursday, cyber security firm ESET said it discovered a new data wiper malware targeting Ukrainian organisations.

Much like Australia, officials in the US and Britain are warning businesses to be on alert.