Cyber ‘Snap Shot’

Authors:  Harriet Price and Paul O’Brien

Our increasing reliance on technology brings with it a new and dramatic front in the risk of doing business.  This risk has in turn created a challenging exposure for corporate Australia and its insurers.

The frequency and complexity of cyber attacks has increased dramatically in recent years.  As reliance on technology grows the incidence of cyber attacks will also increase.

The estimated annual costs of cyber attacks and data breaches to the global economy is expected to exceed $2 trillion by 2019, increasing to almost four times the estimated cost of breaches in 2015.

The significance of the risks of cyber attacks saw the creation of the Australian Government’s Australian Cyber Security Centre (ACSC) in November 2014.  In its first unclassified ’threat report’ for 2015, ACSC reported that the cyber threat to Australia is ‘undeniable, unrelenting and continues to grow’.

More recently, the Prime Minister announced the Government’s ‘Cyber Security Strategy’ (the CS Strategy), a blueprint for keeping Australia ‘safe and competitive in an increasingly digital world’.  The CS Strategy included a promise of over $230 million invested in 33 new initiatives to improve the nation’s cyber security.

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