Cyber attacks are costing businesses up to AUD840bn ($600bn) a year worldwide, with the increasing complexity of attacks making them a difficult risk to model, according to Allianz. The report also found that cyber criminals were increasingly targeting financial institutions and other organisations for their own gain. A spokesman for Insurance Council of Australia (ICA) said cyber was “one of the biggest issues facing businesses and individuals today”. Cyber attacks have the potential to spread across the world within hours, with the connected nature of businesses adding to vulnerabilities, Browne said. The Insurance Council of Australia said cybersecurity is one of the biggest issues facing businesses and individuals.
Cyber attacks are costing businesses up to AUD840bn ($600bn) a year worldwide, with the increasing complexity of attacks making them a difficult risk to model, according to Allianz. The report also found that cyber criminals were increasingly targeting financial institutions and other organisations for their own gain. Cyber attacks have the potential to spread across the world within hours, with the connected nature of businesses adding to vulnerabilities, Browne said. The Insurance Council of Australia said cybersecurity is one of the biggest issues facing businesses and individuals.