Technology is advancing at an astonishing rate, providing companies with lucrative opportunities to break into new markets, cut costs and boost efficiency. However, with great opportunity often comes great risk, and cybercriminals are becoming increasingly sophisticated in an effort to take advantage of the digital age.

Last year, Symantec revealed that the total cost of cybercrime in Australia surpassed $1 billion, with five million people falling victim to nefarious online activities. This was a decline from the previous year, when cybercrime cost the nation $1.65 billion, although Symantec suggested this is because scammers are shifting their tactics to track consumer and business technology trends. 

Brenton Smith, vice-president and managing director of the organisation's Pacific region, said: "Cyber criminals also use tactics where there is a lower cost per head to victims, as they believe scams like these have a higher chance of escaping notice. Although the number of victims remains static, they are clearly still making money from online fraud."

Companies looking to protect themselves from cybercrime should consider reviewing their current business insurance in Perth to ensure it provides adequate cover for a range of circumstances. For example, Mr Smith noted that many Australians are not aware of how to secure their mobile phones properly, which is becoming an increasing problem as more people switch to smartphones.

More than one-fifth of people reported they had lost their phone or had it stolen before. Furthermore, 57 per cent were not aware that mobile phone security solutions are available.

Symantec's figures showed 46 per cent of Australians had experienced online criminal activity in the past 12 months last year, which could worry businesses as 50 per cent of working adults use their personal device for both personal and job-related tasks. More than half of respondents said they believed online file storage systems to be completely safe.