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Australian Commission Marks Cybercrime as Systemic Risk

by: Bryon Turcotte  /  March 25, 2014


The Australian Securities and Investments Commission (ASIC) has recently announced to their countries' business leaders and the entire world at their annual conference in Sydney that global cybercrime has "_an estimated annual cost of $110 billion_ ", according to an article published by the Sydney Morning Herald. According to the report, the commission estimates 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 hazardous 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. In addition, 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.

Written by Bryon Turcotte  /  March 25, 2014