A new study reveals that senior executives in Australia are the most at risk for cyberattacks, and businesses must prepare against more persistent, advanced threats.
SYDNEY, Australia - 25th September 2024 - Senior executives are prime targets for cybercriminals, with a staggering 70% of surveyed IT and cybersecurity professionals in Australia reporting that they have been targeted at least once by a cyberattack in the past 18 months. This trend, highlighted in GetApp’s 2024 Executive Cybersecurity Report, underscores the growing sophistication of attacks, including the rising use of AI-generated deepfakes, which have been involved in 22% of the attacks.
Nearly half (48%) of Australians surveyed work in companies that have experienced at least one identity fraud incident affecting a senior executive over the last 18 months. Furthermore, compared to the global average (38%), Australian senior executives witness significantly higher risks for document fraud (49%).
The frequency of attacks is also escalating. 69% of Australian companies that have previously experienced attacks reported increased attacks. This uptick coincides with incidents involving AI-assisted deepfakes and phishing schemes that have surged, with senior executives as primary targets.
In response to these escalating threats, businesses are encouraged to implement comprehensive cybersecurity strategies, including ongoing training and advanced security tools. The survey data found a disregard for sharing sensitive information over unsecured channels (42%) and neglect to update software and systems regularly (41%).
Despite the clear and present danger, many organisations fail to adapt their cybersecurity strategies to protect their top leaders. Over a third (28%) of companies globally do not provide specialised cybersecurity training to their senior executives, leaving a critical gap in their defences. 86% of Australian respondents agree that senior executives need more frequent and specialised training than regular employees.
However, the study shows that C-level staff have justified no extra training for executives. It indicates that Australian senior executives already possess sufficient knowledge (43%)—significantly higher than the global average of 30%.
83% of the study’s participants say they receive cybersecurity training once a year or more. In addition, it is more common for 69% of senior executives to receive specialised cybersecurity training than other staff members, compared to the global average of 57%. However, 28% of Aussie senior executives are not provided with more enhanced training, putting them at significant risk.
Read the full report for more insights on how businesses can support their C-Suite against costly cyber attacks.
Andrew Blair, Content Analyst at GetApp, says: “Increasing cyberattacks targeting Australian senior executives means that senior executives cannot rest on the laurels.
“Cybercriminals are consistently innovating and harnessing technology to deceive senior executives, making it imperative for company leaders to always be prepared for what may come next”, Blair continued.
For more recommendations to safeguarding Australian businesses against the ever-evolving cyber threat landscape, please visit www.getapp.com.au.
Key Facts:
- 70% of Australian senior executives have been targeted at least once by a cyberattack in the last 18 months according to surveyed IT and cybersecurity professionals
- 69% of respondents whose company’s senior executives were previously targeted say cyberattacks against senior members of staff have increased
- 22% of attacks in the last 18 months used AI-assisted deepfakes to target senior executives, although the majority of attacks were caused by phishing or malware
- 86% of IT and cybersecurity professionals agree that senior executives should receive more cybersecurity training than other employees
- 28% of Australian respondents say their companies have no extra cybersecurity training for senior executives, despite the risks.
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