Govt pumps cyber security spend up to .67B

Govt pumps cyber security spend up to $1.67B

Security


Scott Morrison (Australian Prime Minister)

Scott Morrison (Australian Prime Minister)

Credit: Dreamstime

Australia will spend $1.67 billion 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 has said.

Cyber attacks on businesses and households are costing about $29 billion or 1.5 per cent of the country’s Gross Domestic Product, according to Morrison’s prepared remarks.

The package is the latest cyber spending commitment from Australia, coming just weeks after Canberra said it will spend $1.35 billion over the next decade to bolster the capabilities of the country’s chief cyber intelligence agency.

That spending followed an attack by a “sophisticated state-based actor” on all levels of government, political bodies, essential service providers and operators of critical infrastructure.

Although Australia has declined to say who it believed was responsible for those attacks, three sources briefed on the matter said the country believed China was responsible, a suggestion swiftly dismissed by Beijing.





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