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ACS launches ‘cyber guide’ to help businesses tackle the $US500B global cybersecurity threat

MEDIA RELEASE: ACS launches ‘cyber guide’ to help businesses tackle the $US500B global cybersecurity threat

Cybersecurity: Threats, Challenges, Opportunities


The ACS, the professional association for Australia’s ICT sector, has launched Cybersecurity: Threats, Challenges, Opportunities – a strategic guide to assist Australian businesses to understand and combat Australia's biggest economic threat – cybercrime.

Cybersecurity is now at the top of the political agenda in Australia. Yet only six per cent of C-Suite executives in Australia consider cybersecurity a critical issue, indicating a disconnect between the reality of threats and the awareness of them at the executive level.  

Cybersecurity: Threats, Challenges, Opportunities is a timely contribution, helping Australian business to step up to meet the challenge of cybercrime. Further insights from the ACS cyber guide reveal:

The cost of cybercrime is growing exponentially: The average cost of cyber attack to an Australian business is $276,000. Globally, cyber attacks costs businesses as much as $US500b annually.

Unsecured devices, including webcams and IoT gadgets, are a major source for DDoS attacks: A DDoS attack took down the Australian Bureau of Statistics eCensus website in August. Every Australian who uses household technology must be aware of the dangers.

Cybersecurity is a major threat but also an enormous growth opportunity: The global cybersecurity industry is projected to be worth $US639b by 2023. Yet Australia has only a small cybersecurity sector, with fewer vendors than France, Germany, Canada or India.

ICT skills shortages key to addressing the cyber challenge: Demand for cybersecurity specialists has grown 57 per cent in the last year. Australia is already facing a critical shortage of skilled ICT professionals, which makes meeting demand a significant challenge.

The ACS cyber guide identifies five pillars of cyber readiness: These include Education and Awareness, Planning and Preparation, Detection and Recovery, Sharing and Collaboration and Ethics and Certification.

ACS President, Anthony Wong, said: “Cybercrime affects every sector of the Australian economy, and the risks will only increase as we see IoT, automation and Big Data proliferate. The aim of the ACS cyber guide is to build a wide understanding of cyber security threats, and to help Australian businesses confidently address cyber security challenges.”


Further information 

Sarah Jane Williams, Launch Group,

Louise Proctor, Launch Group,

You can download the report here.