Over the past two decades, industrialised nations have been systematically pillaged by enterprising nations and criminal organisations that had the foresight to see the opportunities arising from the growth of the internet. The amount of money, personal information and intellectual property stolen annually is staggering.
Last week the Prime Minister Malcolm Turnbull launched a new cyber security strategy to meet “the dual challenges of the digital age — advancing and protecting our interests online” and announced $230 million in government funding for 33 new initiatives that would result in 100 new jobs to “boost the government’s cybersecurity capacity and capabilities.”
The government’s investment in cybersecurity “complements the $400 million over the next decade — and roughly 800 specialist jobs — the government has committed to improve Defence’s cyber and intelligence capabilities through the 2016 Defence White Paper.”
Cyberattacks now cost nations about $US400 billion annually according to Lloyds of London CEO Inga Beale and companies pay about $US2.5bn in premiums on insurance policies to protect companies from losses resulting from cybercrime. IBM Australia and New Zealand Managing Director Kerry Purcell stated that IBM research indicates that “the average data breach results in losses of nearly $3.8m, 23 per cent more than two years ago” and in the last year a billion personal data records have been stolen. For the full article click here
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