REPORT: Australia is facing a barrage of daily cyber espionage activity

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Australia is facing a barrage of online security threats with the number of attacks tripling in the past three years and the Australian Cyber Security Centre forecasts the rise will cost more than $1 billion.

According to The Australian federal security agencies will today explain just how “unrelenting” online security attacks have become after noting a 20% increase in the number of cyber threats to 1131 incidents requiring action from the Australian Signals Directorate, a Defence Department spy agency, last year.

Sectors most at risk include energy, banking and communications.

The warnings come from the ACSC which is made up of representatives from a number of security agencies including the Australian Federal Police, ASIO, the Defence Intelligence Organisation and the Australian Crime Commission.

The group expects costs of increased attacks to exceed $1 billion and warns foreign state-sponsored networks are using malicious software to access Australian systems.

“The ACSC sees daily cyber espionage activity targeting Australian government networks,” the report says.

“While the overall number of cyber security incidents increased in 2014, the number of confirmed significant compromises of federal Australian government networks has decreased since 2012.”

There’s more here.

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