Evolving cyber threat landscape is costing victims more

The cost of cybercrime has increased eight per cent for businesses and 17 per cent for individuals over the past year.

On Tuesday, the Australian Signals Directorate (ASD) released its annual cyber threat report, finding that cybercrime costs small businesses an average of $50,000 and individuals $30,700.

The ASD received 87,000 reports of cybercrime in the 2023-24 financial year and responded to 1,100 incidents – of which 121 were ransomware incidents.

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Wealthy private schools were among the most targeted, while critical infrastructure like electricity, gas, water, and transport were targeted in 11 per cent of reports.

The ASD also warned criminals were using varying technologies to target their victims. AI and QR codes were among the methods to scam people. AI was employed to create content for phishing or scams and deepfake videos and audio clips.

Cybersecurity Minister Tony Burke said cybercrime “is our fastest-growing threat, and we need to use all the tools available to government and business to confront it”.

Defence Minister Richard Charles said that while the number of reports was down seven per cent from previous year, the cost of cybercrime increased.

“This remains one of the real threats that our country has to deal with right now. We are investing a lot in this,” Mr Marles said on ABC’s News Breakfast.

You can report a cyber crime to the Australian Signals Directorate here.

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