70% of Australian execs targeted by cyberattacks: study

A study conducted by GetApp has revealed that 70% of senior executives in Australia were targeted by cyberattacks in the last 18 months, highlighting a pressing cybersecurity issue.

The GetApp's 2024 Executive Cybersecurity Report shows that senior executives are increasingly becoming targets for cybercriminals, with attacks growing in sophistication. AI-generated deepfakes have played a role in 22% of these attacks, presenting a new challenge for businesses.

Of the Australians surveyed, nearly half reported that their companies experienced at least one identity fraud incident affecting a senior executive over the past 18 months. Additionally, Australian senior executives face a higher risk of document fraud, with 49% affected compared to the global average of 38%.

There is an escalating frequency of cyberattacks, with 69% of Australian companies that had previously experienced attacks reporting an increase in such incidents. This rise correlates with the use of AI-assisted deepfakes and phishing schemes targeting senior executives.

To address these challenges, the study suggests businesses implement comprehensive cybersecurity measures, including ongoing training and advanced security tools. The survey revealed that 42% of respondents shared sensitive information over unsecured channels and 41% neglected to update software and systems regularly.

Despite the evident risks, many organisations have not adapted their cybersecurity strategies to protect their senior leaders adequately. Over a third of companies globally do not provide specialised cybersecurity training for their senior executives, leaving a vital gap in their defences. In Australia, 86% of respondents agree that senior executives require more frequent and specialised training compared to regular employees.

However, the report indicates that C-level staff argue against the necessity for extra training, believing that current knowledge suffices, as stated by 43% of Australian respondents — a higher proportion compared to the global average of 30%.

The survey also finds that 83% of participants receive cybersecurity training at least once a year. Furthermore, 69% of senior executives in Australia receive specialised cybersecurity training, higher than the global average of 57%. Despite this, 28% of senior executives in Australia do not receive enhanced training, highlighting a potential vulnerability.

Andrew Blair, Content Analyst at GetApp, commented, "Increasing cyberattacks targeting Australian senior executives means that senior executives cannot rest on the laurels." He further emphasised, "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."