Australia continues to face a growing number of cybersecurity threats from state-sponsored hackers and criminal groups who are targeting government operations, critical infrastructure and businesses.
According to the latest Annual Cyber Threat Report of the Australian Signals Directorate, while the number of reported cyberattacks has not changed much, the damage and costs they cause are worsening, especially for small businesses and individuals.
The report details that from 2023 to 2024, small businesses and individuals paid an average of $32,299 and $19,991, respectively, per incident. During the same period under review, the ASD received 87,000 cybercrime reports, averaging one report every six minutes, while the Australian Cyber Security Hotline saw a 12 percent increase in cybersecurity-related calls.
Fastest-Growing Threat
In remarks announcing the report’s findings, Richard Marles, acting prime minister and minister for defense, said the ASD continues to lead in threat mitigation but cooperation from industry is also critical. He also cited a $20 billion investment from the government over the next decade to enhance its cyber capabilities in fulfillment of the 2024 Integrated Investment Program.
“The ASD Annual Cyber Threat Report comes amid a continued deterioration in Australia’s strategic environment,” Marles said. “The report reiterates the importance of having genuine partnerships between the public and private sectors to bolster our nation’s cyber defenses.”
Tony Burke, minister for home affairs and cybersecurity, also emphasized the importance of cyber-related legislation. “This is our fastest-growing threat and we need to use all the tools available to government and business to confront it,” he said.
Cybersecurity Efforts
Burke noted that the work to deal with the challenges is ongoing. “We need to keep working together to keep our country safe,” the minister added.
Australia’s cybersecurity efforts include a collaboration between ASD and Microsoft in March to integrate the government’s Cyber Threat Intelligence Sharing platform with Microsoft Sentinel, an artificial intelligence-powered cloud security solution, to streamline cyberthreat information sharing.
Earlier, ASD’s Australian Cyber Security Centre also issued a guidebook for businesses on the safe and responsible use of AI systems to keep their products, privacy and data secure.