The Australian National Audit Office (ANAO) has omitted cyber coverage from the Terrorism Insurance Act following its most recent review. The Criminal Intelligence Commission currently estimates that the direct cost of cyber attacks on the Australian economy totals around AU $1 billion each year. Although the ANAO admitted there had been an increase in "malicious digital activity" , it concluded there was no "clear and evident market failure" linking cyber terrorism with physical property damage requiring government intervention "at this time". In a report released on Tuesday, the agency said that while cyber-attacks were becoming more sophisticated, they did not pose as significant of a threat to Australia's financial system or economy as previously thought.
The Australian National Audit Office (ANAO) has omitted cyber coverage from the Terrorism Insurance Act following its most recent review. Although the ANAO admitted there had been an increase in "malicious digital activity" , it concluded there was no "clear and evident market failure" linking cyber terrorism with physical property damage requiring government intervention "at this time". In a report released on Tuesday, the agency said that while cyber-attacks were becoming more sophisticated, they did not pose as significant of a threat to Australia's financial system or economy as previously thought.