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Frank Lombardo, the CTO of Insignia Financial in Melbourne, recently participated in The Australian Financial Review Cyber Summit panel to address the significant cyber threats that businesses encounter.

Last year, Australians experienced a significant increase in financial losses due to scams, amounting to a record-breaking $3. 1 billion, a substantial rise from $2 billion in the previous year, as reported by the ACCC. Additionally, within the past 12 months, a number of major Australian corporations encountered severe data breaches that had detrimental consequences.

Lombardo explained that to avoid the severe consequences on businesses stemming from hackers infiltrating IT systems, Insignia, a financial services firm, conducts frequent tests on its employees. These tests involve sending simulated phishing emails to determine who is susceptible to clicking on them.

“He stated that it is an essential aspect of fostering knowledge, instruction, and preparation. “
He stated that if someone clicks on questionable links, it could lead to termination, but emphasized that the process of termination does not occur immediately and is a result of an employee’s repeated inability to identify phishing or malware attacks.

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