Want to know how much is the economic cost of cybercrime for Australians? Well, approximately $29 billion every year. While the Gross Domestic Product of Australia equals $1500 billion per year, they have to pay $29 billion every year, to remediate cyber attacks’ damages. In another word, they are paying 2 percent of their nation’s GDP on remediating cyber attacks’ Complications.
As the COVID-19 pandemic becomes more prevalent, the amount of Gross Domestic Product would decrease. While the Coronavirus epidemic is forcing more people to move online, it is expected that the number of cyber attacks’ damages would increase. Therefore we would see a further increase in the economic cost of cybercrime.
Every level of the Australian government is currently under attack by hackers, and the Prime Minister says it has been happening for some time.
As the Prime Minister of Australia has stated every level of the Australian government is currently under attack by hackers. It is not just the Australian government that is under pressure. One in three adult Australians uses the internet for six hours a day or more. These individuals are also in danger of being hacked.
How governments can reduce the economic cost of cybercrime?
Lack of cybersecurity culture in Australia is the main reason if cyber damages increase. Most individuals and businesses are not properly protecting themselves against more frequent cyber-attacks. Not having a cyber-security culture does not mean it is insignificant to the Australian people. Levels of concern about cybersecurity are increasing among Australians. 50 percent of Australians have claimed that they are extremely or very concerned about cyber-attacks in Australia.
It seems they just don’t know what to do. In contrast, there are criminals who use more sophisticated methods to get Australians’ money and data.
More than 60,000 businesses are getting attacked every year. Such a static determines that the economy of Australia is in serious danger. The Australian government is encouraging people to come forward and report the cyber incidents that they have experienced. They are using individuals’ reports as a key to developing a cybersecurity culture. A key that enables them to get a better view of contemporaneous threats.
As the Australian government has stated:
“More abundant and better-resourced cybercriminals and cyber activists, and increasingly sophisticated and emboldened state actors, mean Australia is quite literally under constant cyber-attack.”
How to Develop a Cybersecurity Culture
First of all, you need to update your risk mindset. That is why the Australian government is encouraging people to come forward and report cyber incidents. Then the government or wherever that is in charge of developing a cybersecurity culture has to explain to people the happening reason for each cybersecurity incident. Creating efficient security infrastructure is as important as developing a cybersecurity culture. People should be convinced to take “not to sharing their personal info with unsecured platforms” as an important move for protecting themselves. On the other hand, the count of secured platforms should increase. Researchers hope to develop a cybersecurity culture to save the Australian economy.
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