USD16 bn cyber-attack risk in Australia

In a joint study with Cambridge University, the Lloyd’s insurance giant has found out of 301 global cities, Sydney ranks 12th in terms cyber attack exposure with USD4.86 billion of economic growth at risk.

In its City Risk Index 2015-2025, Lloyd’s says Sydney is the riskiest Australian city, followed by Melbourne, Brisbane, Perth, Adelaide and Canberra.

Globally, Lloyd’s warns that USD294 billion is at risk as attempted and successful cyber attacks become more prevalent.

The warning comes after recent evidence of attempted cyber attacks at the Bureau of Meteorology, the Australian Bureau of Statistics and the Reserve Bank of Australia.

Lloyd’s global chief executive Inga Beale told The World Today that dealing with the constant threat of cyber attacks was now critical for businesses of all sizes.

“It’s not just for banks to worry about — it impacts retailers, travel and hospitality firms, education and healthcare providers, and any business with proprietary information worth protecting,” Beale said.

“Where a decade ago people would talk about preventing a cyber-attack, the reality is firms will be subjected to attacks. The issue is how you mitigate against that.”

The Australian Cyber Security Centre recently said systems in government agencies had been hit with 1,095 cyber security incidents considered serious enough to trigger an operational response.

The Lloyd’s study points to a report from the accounting firm PWC which highlights a 109 percent increase in detected security incidents in Australian companies, compared to a 38 percent global average.