With a cyberattack happening every 10 minutes, now is the time for a Cyber Security Summit
According to Tasmanian Liberal Senator Eric Abetz, with a cyberattack on an Australian business happening every 10 minutes and with a total economic hit estimated at $29 billion per year, there is a burning need to ensure that our cyber security readiness is at its very best.
It is estimated that cybercrime will cost approximately $10.5 trillion annually around the world by 2025, an alarming jump from the $3 trillion in 2015. If cybercrime were considered a country, it would be the world’s third largest economy.
The Australian Cyber Security Centre has found that the sophistication of the cybercrimes increases with the increase in the number of such cybercrimes as they seem to be directly proportional to each other. Earlier this year, Channel Nine and the Federal Parliament were hit by attacks. When prompted, Channel Nine CEO Mike Sneesby described it as “significant in scale with high potential to disrupt our business.”
Senator Abetz has written to the Minister for Home Affairs to consider holding a summit of industry experts, business leaders and government agencies to discuss about the future of Australia’s cybersecurity.
Senator Abetz said, “Cybersecurity is vital for the protection of jobs and businesses, individual and household privacy and finances as it is for all our institutions and governmental departments. There is no doubt that State actors and sophisticated criminal outfits are engaged in this nefarious activity of cybercrime on a regular basis,”
He also added, “Whilst the Federal Government has done an outstanding job in tandem with the business sector and institutions, the wisdom of holding a cybersecurity summit is as unassailable as it would be beneficial.”
“By having all the various strands of cyber security defence coming together, there will be the obvious benefit of co-operation and sharing which has always been part of the Australian ethos. Harnessing that spirit by way of collaboration between our own private sector technology world leaders such as Senates and educators will be of real benefit for all.” He furthered.
“As the reliance on technology and remote working gains in popularity and practice the best possible protections for all which would be achieved by a national cyber security summit is needed.” Concluded Senator Abetz.
Senator Abetz holds the Chair of the Senate’s Foreign Affairs, Defence and Trade Committee and a member of the Parliamentary Joint Committee on Intelligence and Security.