The business impacts from the Government's new cyber security laws

Cyber security is a major concern in Australia. During 2022-2023, there were nearly 94,000 cyber security incidents reported to Australian law enforcement agencies.¹

The Australian Signals Directorate has acknowledged that cybercrime 'is a multibillion-dollar industry that threatens the wellbeing and security of every Australian.'² In 2022-2023, the average cost of cybercrime per report for small and medium businesses was $46,000 and $97,200 respectively.³ The same period saw the personal information of millions of Australians compromised through significant data breaches.⁴ Isolation and remediation of these data breaches may cost millions of dollars with losses due to reduced productivity, legal action and reputational damage.⁵