Cyberattacks cost Australian businesses $71,600 on average

74% of Australians identify data breaches as a major privacy risk.

The financial, organizational, and reputational impacts of cyberattacks are significant and growing in Australia. New threats, such as AI-driven deepfake scams, are increasingly prevalent amongst Australian businesses, according to a QBE insight. 

In one case, cybercriminals used deepfake video conferencing to defraud a company of $25m. 

Robust verification measures, such as dual authentication for large transactions and pre-established vendor validation protocols, are essential to prevent such incidents.

A 2023 survey by the Office of the Australian Information Commissioner (OAIC) survey revealed that nearly 50% of Australians would stop using services from businesses involved in data breaches, underscoring the reputational risks of cyber incidents.

Additionally, the survey showed that 84% of Australians want more control over their data collection and use. At the same time, 74% identify data breaches as a major privacy risk.

Thus, 89% of the respondents are calling for stronger government legislation.

Australian Government data shows that from 2022 to 2023, the average cost of a cybercrime incident for large businesses rose to $71,600—a 14% increase compared to the previous year. 

Common cyber crimes include email compromise, business email compromise (BEC) fraud, and online banking fraud. 

Changes to privacy legislation in Australia are adding to the regulatory burden for businesses. 

Proposed amendments to the Privacy Act 1988, introduced in September, would require stronger data security, retention, and disposal measures. 

The bill aims to enhance privacy protections, including criminal sanctions for doxing and a new Children’s Privacy Code.