Citizens are losing billions of dollars each year to cyber crime, according to a report released on Tuesday by the Australian Institute of Criminology (AIC).
According to a report, the entire economic cost of cyber crime is A$3.5 billion ($2 billion) every year, with individual victims losing A$1.9 billion ($1 billion).
It was reported that every year, Australians spend A$1.4 billion on preventing cyber crime and A$597 million on dealing with the aftermath of cyber attacks.
Commenting on the report, Home Affairs Minister Karen Andrews said Australia “cannot allow this criminal activity to become a significant handbrake on our economic growth and digital security”.
Karen told Nine Entertainment newspapers that “The government is taking action to mitigate the real and present danger that cyber crime presents to Australians and our economy,”
“I want to make sure Australian businesses, big and small, are secure and consumers are protected.”
Company directors might be held liable for cyber attacks under new legislation being proposed by the government.
The cyber-security standards, first proposed in the 2020 Cyber Security Strategy, would establish director’s responsibilities similar to those already in place for workplace health and safety.
However, the Australian government has yet to decide whether they will be mandatory or voluntary.
A government discussion paper on cyber security advocated for a voluntary model, but warned that the industry “may not substantially adopt the standards and could continue to manage cyber risk as it currently does”.
Companies who do not sign up under a voluntary approach may be obliged to explain their reasons to shareholders.