The Economy, Stupid
Hackenomics
Apr 18, 2024
Nick Espinosa and Dr. Jay Jeong discuss the rising cyber-crime challenges facing Australian businesses, with ransomware costing $3 billion. They highlight the government's actions, the importance of cyber insurance, and the need for enhanced cybersecurity measures in the private sector.
29:06
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Quick takeaways
- Cyber attacks cost Australian businesses $42 billion, with ransomware being the most disruptive type.
- Low adoption of cyber insurance in Australia highlights the challenges in assessing risks and evolving threats.
Deep dives
Growing Costs of Cyber Attacks
The podcast discusses the increasing costs of cyber attacks globally, estimated at $1 trillion spent on defense collectively by 2021 and over $6 trillion taken by attackers. The expenses involve the hack itself, data loss, disrupted business operations, and harm to reputation, citing incidents like Optus and Medibank breaches. With cybersecurity consulting becoming a $44 billion industry by 2030, the importance of addressing cyber threats is emphasized.
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