Small businesses in dispute with financial service providers lodged 3,490 complaints with the Australian Financial Complaints Authority (AFCA) in 2021-22, down 3 per cent on the previous year.

Those that succeeded in their complaints secured more than $18 million from financial firms in compensation and refunds.

Small business complaints accounted for about 5 per cent of the more than 72,000 complaints the ombudsman service registered overall last financial year. The remainder came from individual consumers.

About 13 per cent of small business complaints involved financial difficulty, down from 19 per cent the previous financial year, AFCA’s Lead Ombudsman for Small Business, Suanne Russell, revealed today.

“Lower levels of hardship complaints in 2021-22 in part reflect the work the banking sector has been doing in recent years to support customers in difficulty. A further fall in financial difficulty complaints involving small business would be welcomed by everyone, but we are concerned we may see an increase given the end of COVID government support and the current economic environment.

“Higher interest rates may also make that a challenge in the current year but we hope lenders will continue to step up. AFCA will closely monitor the impact of higher rates in complaints from customers in the small business sector.”

Business loans topped the list of most commonly complained about products in 2020-21. Just over 40 per cent of small business complaints – about 1,440 disputes – were to do with loans.

The top 5 most commonly complained about products also included business transaction accounts (800 complaints), commercial property insurance (276) business credit cards (201), and loss-of-profits or business interruption insurance (200).

The top 5 issues were service quality (389), failure to respond to a request for assistance (282), interpretation of product terms and conditions (271), denial of an insurance claim (204) and default listings (198).

AFCA provides an independent and impartial financial complaints resolution service that is free for small businesses and consumers.

Ms Russell said she was pleased to see that more than a third (36%) of the complaints that small businesses escalated to AFCA were resolved at the earliest stage of its process, when AFCA refers a complaint back to the financial firm for further consideration.

“AFCA welcomes early resolution at this stage – as long as the outcome is fair for both parties – because it takes away uncertainty for small businesses,” she said.

If early resolution isn’t possible, AFCA continues to work with the parties to try to help them reach an agreement through processes such as conciliation. Failing that, one of its ombudsmen, or a panel of decision makers, will make a determination. This is a decision that is binding on the financial service provider if it is accepted by the complainant.

Nearly half (47%) of small businesses’ complaints were resolved within 60 days of being lodged with AFCA, though more complex cases took the average time to closure to 112 days (about three and half months).

Just over 10% of small business complaints progressed to a formal decision in 2021-22.

AFCA has now helped to secure nearly $80 million in compensation and refunds for small business complainants since starting operation on 1 November 2018. It has registered more than 14,800 complaints from small businesses in that time.

Whether in the office or remote, work is becoming more dispersed, increasing the demand for networking technologies like wireless document scanning solutions to enhance collaborative productivity in fast-paced business environments. As a result, Epson has launched the DS-790WN wireless network colour document scanner with built-in versatile connectivity.

Designed for reliability and ease of use in a wide range of industries such as government, service bureaus, higher education, finance and healthcare, the DS-790WN delivers high-quality scans at fast speeds so businesses can confidently manage documents.

The demand for efficient document management and seamless integration into workflows continues to grow; thus, the need for network scanners has never been more apparent. The newest addition to Epson’s award-winning document scanner portfolio, the DS-790WN, comes equipped with robust features, including network connectivity and an intuitive touchscreen panel so businesses can easily scan and share high volumes of documents PC-free.

The DS-790WN delivers high-quality scans up to 45ppm/90ipm¹ with a peak daily duty cycle up to 7,000 sheets², one-pass duplex scanning and a high-volume 100-page ADF that accommodates business and ID cards and sheets up to 21 cm by 610 cm.

Built to support collaborative workgroups, the DS-790WN includes a 4.3″ colour LCD touchscreen and built-in LAN and wireless connectivity to easily access multiple scan jobs or scan to a USB drive, e-mail, network³ or cloud storage services^4,5 such as Dropbox®, Evernote®, and Google Drive™^4,5 without the need for a computer.

With seamless compatibility with most existing document management systems, the DS-790WN features integrated TWAIN and ISIS® drivers and include OCR software to easily create searchable PDFs and customisable Office documents.³ 

Users can also scan with mobile devices using the Epson Smart Panel® app⁸ on iOS® or Android™.

DS-790WN Availability and support

The DS-790WN (RRP $1,349) is available now at www.epson.com.au and through all authorised Epson resellers. With industry-leading support, Epson commercial document scanners include a 12-month limited warranty.

For more information, go to: https://www.epson.com.au/products/scanner/WorkForceDS-790WN.asp?groupid=98

Key features of the DS-790WN

• Speed – 45 ppm / 90 ipm scan speed, with ultrasonic double feed detection technology to assure fast and productive scanning

 • Connectivity – USB 3.0, Wi-Fi, Wi-Fi Direct, Gigabit Ethernet

 • ScanWay standalone scanning – scan directly to network, cloud, email or USB stick with no PC required.

Australia’s beef and sheep meat market can expect continuing demand from China despite its slowing economy and continued lockdowns impacting how the country consumes animal proteins.

Speaking on a newly-released podcast, Is the Chinese meat market still firing?, Rabobank’s Hong Kong-based senior animal protein analyst Chenjun Pan said China’s lockdown policies have affected the population’s protein consumption habits, with the major short-term change being where people are consuming food.

“In the past, banquets played an important role in rural areas and smaller cities. Because of the lockdowns, the banquets have disappeared, and the number of business events and dinners have also declined,” she said.

However, Ms Pan said, Chinese consumers are continuing to consume animal protein at home and via food delivery – with food delivery services having grown steadily in China through the pandemic.

“The emergence of food delivery services is having a heavy impact on the traditional food service sector in China,” she told the podcast.

The trend of “convenience food” was also growing in the Chinese market.

“The categories of ready-to-eat, ready-to-cook and ready-to-heat type convenience foods are booming,” she said.

Ms Pan said while it was very difficult to predict Covid policy in China, she was not expecting to see any changes in the next three months.

“If Covid policies remain unchanged, the Chinese food service sector will continue to be negatively impacted. When there is a lot of uncertainty, people do not want to take risks and do not wish to travel, gather in large groups or eat outside of their homes,” she said.

Protein consumption is expected to increase in quarter four though, Ms Pan said, which is the Chinese “high-season” for the animal protein market – “when consumers typically eat more meat during the colder months” – with prices tracking higher with this increased demand.

Chinese retail meat market

In terms of retail prices in China, Ms Pan said, the pork sector had seen the most volatility, relative to other animal proteins.

“Presently beef and sheepmeat retail prices are relatively stable – sitting at historically high levels. When compared with the international market, Chinese beef and sheepmeat retail prices are still very high,” she said.

“These high prices, despite a slowing Chinese economy, reflect that the consumption of animal proteins, particularly beef, is quite resilient.”

Ms Pan said in terms of Chinese per capita consumption volumes, beef and sheepmeat remain very low and are not among the major proteins consumed in the country.

“The fact beef and sheepmeat fall into a niche market may be protecting them from the negative impacts of the slowing economy,” she said.

Meat Market Outlook

If the country’s economic slowdown continues, Ms Pan said, Chinese consumers may start spending less on luxury products and travel, which means they will have “more money in their wallets” to invest in better quality foods with a greater variety.

“Premium food service will come under some pressure from the slowing economy – while mid-market food service and retail sectors will remain resilient,” she said.

Australia

For Australia, Rabobank senior animal protein analyst Angus Gidley-Baird said, China’s Covid policy had impacted Australia’s red meat exports to the country, reflecting the changed consumption patterns

“For the first six months of this year, Australian lamb exports to China dropped by 30 per cent compared to last year,” he said, while Australian mutton exports to China were up by 11 per cent for that same period.

Ms Pan said the drop in Australian lamb exports to China and the increase in mutton exports reflects how the Chinese food service sector has declined significantly in the first half of the year – driven by the lockdowns.

“Lamb imports mainly go towards the food service sector, particularly high-end food service, such as premium hot-pot restaurant chains, while mutton, as a lower-priced protein, is consumed by the mass market in traditional sheepmeat-consuming regions of the country, particularly in northern China,” she said.

“We’ve seen the lockdowns really impact lamb consumption, but mutton consumption has been protected as it has a little bit of a wider market, including food service and retail.”

Beef consumption has seen some shift from food service to retail since the beginning of the pandemic, Ms Pan said, and this trend is expected to continue in 2022.

She expects beef imports into China to remained stable.

Mr Gidley-Baird said Australian beef exports to China have been tracking at similar levels to last year, “but that’s a reflection of Australia’s ongoing low production volumes. The Australian 2022 beef export volumes are still 39 per cent behind what Australia exported to China in 2020”.

Small business owners are planning a holiday to restore their wellbeing, saying leisure travel improves their business decision-making capabilities

American Express Business Class research explores personal travel’s wellbeing and business benefits. This is particularly important as challenges continue to mount on Australia’s small business community in light of inflation, supply chain pressures, labour shortages and the continued volatility surrounding COVID-19.

47% of Australian small business owners say their mental health and wellbeing have suffered as they couldn’t take time off for a holiday during the pandemic. Similar to just how critical recharging one’s batteries is, findings reveal that 77% of small business owners say personal travel positively impacts their outlook and ability to run their business.

American Express Business Class research key findings include:

• 63% of small business owners believe personal travel helps them make better business decisions.
• 66% agree they feel rejuvenated after a holiday and consequently take fewer sick days off work.
• They also feel more relaxed (60%), happier (57%) and more energised (53%) when returning to work.
• 53% say that after a leisure trip they return to work feeling more productive or inspired.
• 72% say personal travel enables them to bring fresher thinking to their business, which helps them innovate and grow, with 26% citing increased creativity.
• Personal travel momentum is building, with 87% planning at least one domestic holiday this year or next. 68% of small business owners are planning an international trip.

Kiely Potter, Vice President, SME Account Development, American Express says: “Taking a holiday is one of the few ways small business owners admit that they can fully switch off from the pressures of running a small business. With personal travel back on the agenda, taking a holiday is critical in helping to replenish small business owners’ sense of wellbeing and productivity. It offers a fresh perspective they can inject back into their business. Supporting small businesses at their best is a key component to reinvigorating our economy and communities.”

Dan Gregory, behavioural researcher and strategist and Founder of The Behaviour Report, says: “Taking a break is vital for mental health and wellbeing and sadly, this isn’t something Aussie small business owners have generally been able to do over the last few years. While some small business owners may think there’s too much on their plate to step away at the moment, they should consider taking a trip, not only for their own wellbeing, but for the business benefits that will come from the time off. When thinking about the drivers that move us and lift us, travel helps us relax and detach; it stimulates our senses in new ways, allows us to connect and, just as importantly, to separate ourselves physically and emotionally from the day-to-day grind of our work. This puts small business owners in a better frame of mind when they return to work, helping them to spot opportunities, tackle challenges with a fresh perspective and be better set up for success.”

Leah Cameron, owner of Marrawah Law says: “As the owner of a busy legal firm, I value break-time and during the pandemic that simply didn’t exist. For me, getting away somewhere is the only time I can really down tools and refocus. Your mind just stops and you can broaden your thinking beyond the day-to-day. I always try to go to new and challenging locations, as this is where I can completely reset. Immersing myself in different cultures makes my brain think differently. It inspires me to do the same when I return to work.”

Dan adds: “Small business owners are definitely aware of what they’ve missed by not taking a holiday: the loss of connection and inspiration and the effects this has had on their mental wellbeing and outlook towards their business. There’s something in Australians’ nature that drives us at a cultural level to travel and explore to make us the best versions of ourselves. Even increasing costs, rolling delays and cancellations seem preferable to the idea of not travelling at all.”

While business travel continues to grow healthily, travellers may have another potential disruption to be on guard for: the rapid rise of flu and COVID cases that are expected to peak in the coming months. A leading travel management company shares six tips for businesses looking to protect from travel disruption – and their budget.

Tom Walley is the Global Managing Director at Corporate Traveller, Flight Centre Travel Group’s flagship travel management provider for SMEs. He says: “The rapid increase in travel bookings among Corporate Traveller customers confirms businesses understand the value of doing business face-to-face. Certain activities, such as site inspections, sales meetings, M&A meetings, product demonstrations and training, simply cannot be done well virtually.

“Business travel is here to stay, but now businesses need to get smarter at minimising disruptions. The new wave of COVID cases and rumours around the reintroduction of some restrictions tells us we are still in the middle, rather than at the end, of the pandemic. The flu is also back and we can’t afford to become complacent. While it requires more forward-planning and can be challenging to navigate updated medical advice, there are ways to take to the skies seamlessly. Many of our own customers in industries such as medical, mining and construction continued essential travel through last year’s lockdowns and restrictions with minimal disruptions.”

Below, Tom offers his advice for businesses to help minimise travel disruption and continue travelling this winter.

6 ways to minimise travel disruption

1. Understand what your travel insurance covers. Good travel insurance will offer cover for overseas medical expenses plus cancellation, amendment, and additional expenses if a traveller contracts COVID-19 during their trip and is hospitalised or forced into quarantine or isolation. Business travellers should ensure they understand the detail of the cover and who to contact if they need help. This is critical, especially hospital admission for COVID-19, which can cost an average of USD$42,200[[1]] in the US.

The best travel insurance providers offer 24/7 assistance and claims support and can recommend accredited medical facilities and hospitals around the globe. They also augment their cover with online tools to check the latest COVID-19 travel information and advice for destinations including COVID-19 risk and infection levels and entry and quarantine requirements.

Tom encourages businesses to do their due diligence and shop around to find a policy that offers the most extensive domestic and international cover amid the current environment.

2. Minimise infection risks by strategically selecting executives to travel. Having an employee become unwell during travel and unable to continue can cause major disruptions, with substantial rescheduling and insurance administration to follow. Companies can minimise infection risks by flying executives who have recently recovered from COVID or the flu or are up to date on their vaccinations. Sending executives with good immunity can also mitigate risks for clients. The COVID reinfection period was recently updated from 12 weeks to four. Despite testing requirements being scaled back, businesses would be wise to have measures in place around testing prior to travel to minimise the risks as much as possible.
3. Have back-up travellers on standby. With COVID and flu cases rising, travellers risk infection up to the day of their departure. Businesses could consider having executives in place who can be ‘subbed-in’ to cover a business trip, to avoid major disruptions. This way, important meetings and activities can continue without the need for cancellations or rescheduling. A good business travel insurance policy should cover the costs involved in replacing an employee, including the cost of any ticket changes or additional accommodation requirements to replace a traveller who cannot complete the trip due to medical reasons.[2]
4. Boost ‘travel confidence’ among hesitant employees. A proportion of travellers may still be concerned about potential risks when travelling. Taking them through the company travel policy and risk mitigation strategy could increase their confidence. It may be worthwhile for businesses to conduct regular employee surveys to gauge any concerns and questions. Business could also consider allowing hesitant executives to ease back into travel with short domestic trips before they return to long-haul travel. Assigning travellers with an emergency contact for advice can also help ease fears.
5. Keep informed on destination requirements and restrictions. Travel rules change regularly, with each country and state implementing their own rules. For instance, vaccination status or negative COVID tests are still required for entry to some countries such as Hong Kong and Japan. Singapore has continued its requirement for non-vaccinated travellers to show proof of SGD30,000 COVID medical cover. Businesses should keep up to date on the rules in relevant destinations, communicate these with their travellers and support their travellers in meeting the rules. The easiest method of doing so is to have a system in place that updates executives on rules in real-time. Businesses can assign an employee to this information-gathering role or onboard a travel management company that is equipped with the technology and support to help companies stay abreast of requirements and even rising COVID cases in certain destinations to minimise disruptions.
6. Plan for luggage-related risks. Airport staff shortages, increased demand for travel, and some flight disruptions have led to a recent increase in misplaced luggage. While most luggage is recovered, it is important for businesses to plan for potential mishaps and ensure executives can move seamlessly in and out of airports. Businesses could encourage their travellers to take on carry-on luggage only, if possible. If check-in luggage cannot be avoided, travellers could ensure the most essential items are packed in their carry-on luggage, including a business outfit for their next meeting.

[1] Institute for Healthcare Policy and Innovation, 2021: ihpi.umich.edu/news/patients-hospitalized-covid-19-year-could-pay-thousands-dollars-study-suggests

[2] CoverMore. 2022. p.56

New research commissioned by HUBBED has revealed the retail and eCommerce industry is exposing itself to substantial loss in online sales due to a growing divide between consumer delivery expectations and current options.

Australians’ increasing appetite for online sales saw nearly $56 billion in online retail over the last 12 months to May, which accounts for around 14.7 per cent of the nation’s total retail trade estimate.

While these figures are positive overall, research shows the industry is not maximising online sales potential, with 90 per cent of respondents saying they abandoned a cart due to high shipping costs and 64 per cent saying lack of security was a purchase deterrent.

HUBBED’s innovative Pick-Up Drop-Off (PUDO) model provides retailers, carriers and consumers with an alternative to the high-cost and environmentally unfriendly traditional home delivery model. Its proprietary technology is customer agnostic and integrates with carriers, aggregators, marketplaces and other eCommerce platforms.

HUBBED’s PUDO network enables customers to receive parcels from a designated collection point across more than 2,200 convenient locations nationally, including outlets such as local BP service stations, National Storage and independent retailers.

The research revealed that almost all consumers (91 per cent) made an online purchase within the lead-up to Christmas (79 per cent). End of financial year sales are the second most popular period for online shopping (58 per cent), followed by click frenzy (55 per cent) and Black Friday (52 per cent) sales.

Returns are also a factor given that almost three quarters (71 per cent) of shoppers say they have returned an item they have bought online.

David McLean, the Founder and CEO of HUBBED, said while these figures were generally positive, they also highlighted a missed sales opportunity.

“Consumers are demanding more convenient, secure and sustainable delivery and return choices. For retailers, the message is clear: If you want to enhance the customer experience, negate cart abandonment, and generate repeat purchases, you must provide consumers with greater choice and control,” David said.

“There are typically around eight ways consumers can pay online. But most retailers only offer two ways to deliver and return items: fast or slow. It’s time for all retailers, both big and small, to offer a more nuanced and sophisticated delivery option that exceeds customer expectations.”

HUBBED has recently received a $12 million investment from the Australian Business Growth Fund to scale up collection points to 3,000 nationwide and expand the magnitude of collections services for its customers and partners.

The breadth of HUBBED’s PUDO footprint is compelling given that 68 per cent of people stated it would be far more convenient to pick up their parcel from somewhere close to home, at a time that suits them, and 61 per cent would prefer to return a purchase via a PUDO point rather than wait for a courier (22 per cent) or drop off instore (17 per cent).

David said: “We’re committed to levelling the playing field between pure-play eCommerce sites and their bricks and mortar competitors by ensuring everyone has access to omnichannel click and collect.

“Click and collect is pivotal to the shopping experience, and it’s a choice HUBBED enables every retailer to provide to their customers.”

Signature on delivery (74 per cent) is the most popular delivery method for high-value items, followed by PUDO points and home delivery without a signature.

“Retailers are missing out on sales because consumers don’t feel they have a safe place at home for parcels to be delivered, and they aren’t making as many purchases if they can’t sign for it,” David said.

“Our PUDO network solves this pain point as it’s local, and consumers can trust their parcel will be kept securely on their behalf.

“The retail industry has evolved considerably regarding how customers can pay for their purchase. Now, we must address the other option customers have at checkout: where and how you want your shopping delivered to, and how you can return it.”

HUBBED’s consumer collections network is being utilised by key local and global carriers, including Couriers Please, DHL, eBay, FedEx, Sendle, TOLL, TNT, and UPS.

Staff absenteeism, irrespective of the reason, is one of the single biggest challenges affecting companies today. 

From the outset of the pandemic to the more recent spread of Omicron and its subvariants, businesses have experienced significant disruption from both mandated and unscheduled labour shortages: some workers are getting sick, others are being forced to quarantine or care for household members, and there are those that have simply opted to not return to the workplace. Everything from medical services, garbage collection, transport and logistics and education services to airlines has been interrupted.

Now that we are caught up in what is being referred to as the ‘third wave’, the soaring number of absent workers is adding to an already diminished workforce at an economic impact of approximately $15B per year. According to the Australian Bureau of Statistics (ABS), more than one in five (22 per cent) employing businesses have staff that are unavailable to work due to issues related to COVID-19, almost a third of employing businesses (31%) are having difficulty finding suitable staff and almost half of all businesses have experienced supply chain disruptions (47 per cent).

ABS Head of Industry Statistics, John Shepherd believes that the scale of the problem is not being fully captured by official figures. “Large businesses are three times as likely to report these absences (65 per cent) compared to small businesses (20 per cent),” he said.Enter your email to sign up for CNN’s “Meanwhile in China” Newsletter.

Employers with public-facing workers, like schools and emergency service providers, appear to have had particularly large portions of their labour force isolate due to the virus. Education and health service employers are reporting a 25 to 47 per cent rate of sickness absence due to Covid while organisations in the category “other services”, which includes hairdressers, funeral staff, shoe repairers and church staff, reported an 18 to 39 per cent absence rate.

Hotels have reported shutting rooms, while restaurants have restricted bookings, reduced hours of service or had to close.

Supermarkets have reduced the range of products they sell to make life easier for their suppliers. In June 2022, the industries of retail trade (68%), accommodation and food services (64%) and wholesale trade (61%) had the highest proportion of businesses experiencing supply chain disruptions. There are now fears within the supermarket sector that some stores may be forced to shut or reduce their hours due to workers being unavailable.

Covid-related absences have also compounded staff shortages at airports and airlines, and the industry is struggling to recruit staff after thousands of jobs were lost and many workers left the during the pandemic.

An anomaly is the construction industry, which operates using tens of thousands of subcontractors and self-employed staff, many of whom work outdoors and are likely to avoid reporting Covid symptoms to protect their incomes.

The Australian Chamber of Commerce and Industry said employers are “doing their very best to maintain normal business operations” in the face of rising Covid infection rates and a general worsening of skills availability but warn that workforce shortages are holding back business and the economy.

This sentiment is echoed by BHP’s chief financial officer. David Lamont revealed that the largest company in Australia can’t find workers, and he says the situation is not unique to BHP.

“It is an Australia-wide problem, but it is not exclusive to Australia. And the flow-on effect is impacting everything,” said Lamont.

“In light of chronic workforce gaps, businesses have turned to existing employers to work additional hours where possible, reducing their operating capacity, or closing their doors entirely,” he said.

A disruption to staffing levels is not cheap, in any way shape, or form, as it drives up costs. While some companies/industries can simply make do with being an employee down, others cannot. Security companies need to have guards at client sites regardless of absent workers. Manufacturing companies must produce their quotas regardless of who is present or not. Patients need care, regardless of who is absent or not. More often than not, in order to deal with an absent worker without disrupting operations, employers will have to use overtime.

Studies show that co-workers are 29.5 per cent less productive when covering for absent employees. Take a long-term care facility as an example. If a caregiver is absent, other caregivers have to pick up extra patients. As you can imagine, more patients in the same amount of time likely results in poorer care provision, and a lack of time to perform other job duties outside of patient care.

In certain industries such as security or manufacturing, the effects of absenteeism on the workplace include increased accidents. If an employee is absent or even cognitively impaired due to illness, it can force underqualified employees to undertake tasks that put them at risk. Absenteeism also often leads to employees being overworked or burnt out, creating other workplace safety issues. Again, let’s examine healthcare. If a caregiver/nurse is frequently covering for a colleague, it should come as no shock that it could result in poor judgment and mistakes. Essentially, when employees are forced to deal with increased labour, it impacts the entire organisation.

And it goes without saying that profits decrease when output decreases. Companies struggling with limited staff, are likely to also struggle to maintain production/service levels. The less time a worker spends in the factory, the less output they can contribute. If this is ongoing, the output will be greatly affected.

Productivity losses means revenue losses – not just labour costs.

The effect of absenteeism is felt by individuals, teams, and the organisation as a whole. As a result, pressure is added to both productivity, profitability and safety, which often creates a vicious circle, causing more absenteeism.

Graham Gordon, CEO and Founder of Gardian and developer of the Federal Health-approved Gardian Covid screening program said there is a growing number of people being infected by Covid, and an even larger pool of people developing the symptoms of Long Covid.

“While we still have more to learn about BA.4 and BA.5 and any new variants that follow, we are acutely familiar with the multiple impacts of Covid to date and the continued need to reduce the spread of infection.

“While implementing all other reasonable control measures in a workplace, there is significant evidence that regular screening programs provide the only practicable solution for disrupting the chains of transmission and enabling companies to proactively redirect resources,” said Gordon.

Several forward-thinking Australian companies have already implemented either onsite Point of Care testing programs under the oversight of a trained healthcare professional or have their staff following a policy of repeatable and auditable at-home, self-testing using the easily downloadable Gardian Self Check app and Test Tracker management software that enables the results to be recorded and shared with the employer.

In addition to reliably monitoring SARS-CoV-2 transmission rates and severity, regular testing in conjunction with a system that enables real-time verification and reporting are key for the early identification of infectious COVID-19 cases, effectively allowing for their prompt isolation to protect other employees and the broader community.

There is no doubt that testing strategies help to mitigate the impact of Covid-19 in high-risk environments while ensuring that societies and economies can continue to function.

Cyber Attack Trends: 2022 Mid-Year Report takes a closer look at how cyber attacks trends have intensified and been elevated as state – level weapon with hacktivism flourishing in the first half of this year with key predictions around attacks in the Metaverse and Supply Chain

With the war in Ukraine  dominating the headlines in the first half of 2022, its impact on cyberspace has been dramatic in both scope and scale, as cyberattacks have become firmly entrenched as a state-level weapon,  unprecedented levels of state-sponsored attacks, the growth of hacktivism and even the recruitment of private citizens into an “IT Army.”

In the 2022 Cyber Attacks Mid-Year Report, we take a closer look at how cyber warfare has intensified to become an essential part of the preparation for and conduct of actual military conflict with fallouts for governments and enterprises all over the world, even those that are not directly involved in the conflict. We also explore a crossover between cyber warfare and state-affiliated hacktivism to disrupt the everyday lives of citizens and cause real harm to citizens, best illustrated by the attack on the entire country of Costa Rica, which crippled essential services including healthcare and inland revenue, stopping medical appointments and the collection of taxes in this new method of ‘Country Extortion’, making ransomware the number one threat in the second half.

The Cyber Attack Trends: 2022 Mid-Year Report also explores top predictions for the second half, highlighting:

• Ransomware’s fragmented ecosystem – while ransomware groups have become more structured and operate like regular businesses, with set targets to hit, we think there will be many small-medium groups going forward instead of a few large groups like the Conti group, a lesson learned as their size and power garnered too much attention, and led to its downfall.

• More diverse email infection chains – with internet macros blocked by default in Microsoft Office, more sophisticated malware families will accelerate the development of new infection chains, with different file types that are password protected to prevent detection, as sophisticated social engineering attacks increase.
• Hacktivism will continue to evolve – hacktivist groups will continue to align their attacks with the agenda of their chosen nation-state, particularly as the Russia-Ukraine war is still ongoing.
• Continued attacks on decentralised blockchain networks with expected first attacks in Metaverse – with major incidents relating to blockchain platforms, such as a vulnerability on Rarible marketplace or ApeCoin Airdrop vulnerability, we expect to see continued efforts by hackers to breach and hijack crypto assets. In addition, we believe that we will see initial attacks in the Metaverse that will exploit smart contract vulnerabilities.

Cyber’s theoretical potential for major disruption to civic society just got real in 2022, and in this report, we will address these trends and more aspects of the evolving threat landscape while providing examples and statistics of real-world events, combined with best practice recommendations for organizations to avoid becoming the next victim.