Australian Commission Marks Cybercrime as Systemic Risk

The Australian Securities and Investments Commission (ASIC) has recently announced to their countries business leaders and to the entire the world at their annual conference in Sydney that global cybercrime have “an estimated annual cost of $110 billion“, according to an article published by the Sydney Morning Herald. The commission estimates, according to the report, that attacks on Australian companies alone would cost these organizations “$2 million” continually pressing them financially.

ASIC representative Greg Medcraft was quoted in the article to say, “Cybercrime is a systemic risk and is potentially the next black swan event.” The report continues to state that, according to Mr. Medcraft, an “attack could spread quickly and have a very dangerous effect on the financial system.” During this forum, he was quoted in the article to say, ‘‘The issue with cybercrime is what you don’t know you don’t know, because it is constantly evolving. You may never avoid it, but it is about being resilient.”

Mr. Medcraft’s mention of attacks from the Syrian Electronic Army (SEA) confirmed that acts of “cyberterrorism” prove to be “extremely scary given that we are becoming more and more connected” as his outcry for “tougher penalties to combat corporate misconduct” clearly rang through the forum, according to the article. Some of their concerns and ideas were pulled from a recent 39-page “Cybersecurity Framework” document released by President Obama confirming their plans to work with “regulators around the world to establish international standards on risk management systems“, according to the article.

Read more about the ASIC’s comments, what concerns have been raised and how the commission would like to communicate answers on how to combat the issues to their country and the world in the full article.

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