Australia Suffers Cybercrime Damages Worth $1bn Every Year

Australia Suffers Cybercrime Damages Worth $1bn Every Year

Cybercrime costs over $1 billion every year to Australia, and malware is deemed as the biggest threat to the nation, said the ACC or (Australian Crime Commission) recently, as per news published by on April 22, 2015.

Statistics released by Australia’s Internet regulatory body ACMA showcase that in the time frame spanning (October 17, 2014 to January 14, 2015), at an average 15,000 computers were compromised every day.

Unfortunately, cybercrime is getting endorsed on online criminal market platforms as a service, and cyber attacks using tricks like social engineering are getting increasingly advanced. For the next 5 years, malware is predicted to be most threatening vector for Australia, the ACC said.

The online threat to Australia from domestic and internationally organized cybercrime groups is important and it’s becoming increasingly complex, remarked Tim Wellsmore, Manager, Crime Commission’s Fusion Special Intelligence (Cyber), as per news published by on April 22, 2015.

Criminals might employ malware for disruption of Australian systems, or observe the online movements of a victim, embezzle user IDs, passwords and other private details, which is subsequently used for monetary gains. This embraces ransomware, where a system or files on it are locked till a ransom is paid, Wellsmore elaborated, as published on April 22, 2015.

The ACC is employing its exclusive powers and intelligence rapport to discover, comprehend and prioritize the cybercrime hazards impacting Australia, commencing and enhancing replies to them.

With more than 12.4 million Australian subscribers and 20.6 million possessing mobiles with data connectivity, the requirement for safe Internet behaviors is now more crucial than it was previously, Wellsmore said.

Wellsmore’s remarks come at a time when Julie Bishop, the country’s Foreign Minister suggested that although coming up with a global agreement on online security would be nascent in stage, it would be good for all states to assist in developing the Internet as a podium of economic activity, published by on April 22, 2015.

The effective running of critical infrastructure strengthens the international economy, she said. States must avert and abstain from Internet activity that damages or harms critical infrastructure, be it in telecommunications, banking, or energy structures.

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