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‘Significant Cyber Incident’ Cost Pegged At $30bn’, Says AustCyber

SYDNEY: AustCyber has estimated a four-week digital disruption resulting from a significant cyber incident could cost the Australian economy $30 billion, 1.5pc of GDP – and an estimated direct loss of 163,000 jobs.

The conclusion comes from AustCyber’s new Digital Trust Report 2020. It says loss of trust in digital infrastructure and loss of data integrity could push these figures much higher.

The report estimates digital activity in Australia’s economy now contributes $426 billion to the Australian economy, up from the estimates of $315 billion made by Data61 and AlphaBeta in 2018. It also generates $1 trillion in gross economic output and equates to one in six jobs in the national economy.

AustCyber CEO Michelle Price, pictured, said: “This report shows that not only are key sections of Australia’s economy undergoing a step-change because of the transition to a digital environment, but that Australia’s economic future is founded in large part on the security of this digital step-change going forward.”

The full report can be found at https://www.austcyber.com/resource/digitaltrustreport2020. – Stuart Corner

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