Australia to spend US$1.2bil on cybersecurity for private sector after rise in attacks

While much of Australia’s cyber policy to date has focused on bolstering the defences of government agencies after an attack on the country’s parliament in 2019, but malicious cyber activity is increasing against small and medium businesses, universities and households, says Morrison. —AFP

SYDNEY: Australia will spend Aus$1.66bil (US$1.19bil or RM5bil) over the next 10 years to strengthen the cyber defences of private companies and households following a rise in cyber attacks, Prime Minister Scott Morrison will announce on Aug 6.

Cyberattacks on businesses and households are costing about Aus$29bil (RM87.41bil) or 1.5% of the country’s Gross Domestic Product, according to Morrison’s prepared remarks seen by Reuters.