Cyber security has never been more important to Australia’s economic prosperity and national security. In 2016, the Australian Government delivered its landmark Cyber Security Strategy, which invested $230 million to foster a safer internet for all Australians.
Despite making strong progress against the goals set in 2016, the threat environment has changed significantly and we need to adapt our approach to improve the security of business and the community.
Cyber criminals are more abundant and better resourced, state actors have become more sophisticated and emboldened, and more of our economy is connecting online. Cyber security incidents have been estimated to cost Australian businesses up to $29 billion per year and cybercrime affected almost one in three Australian adults in 2018.
At the same time, serious cyber incidents like WannaCry, Cloud Hopper and the intrusion into Australia’s parliamentary networks illustrate the threat to our economy, democracy and way of life. For businesses, a more secure cyberspace will support the delivery of digital services that Australians have come to rely on. Cyber security will underpin our future economic growth and ensure we remain competitive globally as Australian enterprises innovate and find new ways of creating value for their customers.
The Federal Government is calling for views on its Cyber Security Strategy. Submissions close on 1 November 2019.