Report confirms that Australia is loosing billions of dollars to Cyber Crime

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A report released by Australian Institute of Criminology(AIC) says that the populace of Australia is loosing billions of dollars every year to cyber-crime. When figures are taken into consideration, the report says that the total loss incurred through cyber crime was recorded as $3.5 AUD or $2 billion in USD. And the highlight is that individual victims lost more than $1.9 AUD in 2020.

According to a report published in Xinhua News Agency, the Australian populace has spent $1.4 AUD in the past 4 years on an annual note and $597 AUD to mitigate the consequences of cyber attacks.

“As cyber crime is blocking the development of economic growth and threatening digital security, the government is taking serious measures to erase it to the core”, said Karen Andrews, the Home Affairs Minister of Australia.

Mr. Karen is urging all Australian businesses, big and small, to protect their IT infrastructure from cyber attacks and espionage as it can otherwise put a dent on the national integrity.

By the end of this year, the government of Australia is planning to lawfully implicate the CIOs and CTOs of companies, if their business cannot protect the data of its users from reaching the hands of hackers.

It was also drafted in the 2020 Cyber Security Strategy and made public in February 2021. However, the government hasn’t yet decided on whether the rules will be made mandatory or voluntary.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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