Australia to Spend $1.2B to Beef Up Private Sector’s Cyber Defenses After Rise in Attacks
Cyber attacks on businesses and households are costing about A$29 billion $20.83 billion) or 1.5% of Australia’s gross domestic product (GDP), Morrison told reporters in Canberra.
Just weeks ago, Canberra said it would spend A$1.35 billion over the next decade to bolster the capabilities of its chief cyber intelligence agency.
Morrison said in June that a “sophisticated state-based actor” had spent months trying to hack all levels of the government, political bodies, essential service providers and operators of critical infrastructure.
Much of Australia’s cyber policy to date has focused on bolstering the defenses of government agencies after an attack on the parliament in 2019, but malicious cyber activity is increasing against small and medium businesses, universities and households, Morrison said.
The increased spending is intended to fortify critical infrastructure, boost police efforts to disrupt criminal activity on the dark web and strengthen community awareness.
“We will protect our vital infrastructure and services from cyber attacks. We will support businesses to protect themselves so they can succeed in the digital economy,” said Morrison.
Australia will also embark on a more aggressive approach to disrupting would-be attackers.
The Australian Signals Directorate – which, Reuters revealed last year, determined China was responsible for hacking Australia’s parliament – will be given new funding to counter foreign cyber attacks.
China denies it was responsible for the attack, which came months before a national election.
($1 = 1.3877 Australian dollars) ($1 = 1.3920 Australian dollars) (Reporting by Renju Jose and Colin Packham; editing by Michael Perry and Kim Coghill)
Related:
- Australia to Spend Nearly $1 Billion on Cyber Security During Next Decade
- State-Based Hackers Target Australia Government, Critical Infrastructure: Prime Minister