Businesses, large and small, continue to be the primary targets
of cyber attacks in Australia and, as a result, frequently face
breaches that can lead to substantial losses. In July 2016, Trend
Micro reported that Australia had the second highest level of
ransomware attacks (attacks designed to lock users out of computer
systems until a ransom is paid) during the period of April to May
2016— second only to Japan.
On a global level, recent attacks on the medical and
medico-insurance industries highlight the cost of such cyber
breaches as noted online in SC Magazine. A breach of a
large US health insurance company's system led to nearly 10
million medical records being offered for sale online at a price of
750 bitcoins (an uncontrolled online currency, which approximately
equates to AUD$652,000). Once such information is obtained it opens
up the opportunity for identity theft.
