Report on International Cybercrime Prevention, Detection, and Investigation Practices

Watch this on demand session that covers a detailed analysis on international cybercrime.

Cybercrime is a growing threat both in Australia and globally, with the methods used by criminals becoming increasingly sophisticated. In Australia, the Australian Cyber Security Centre (ACSC) reported that in the 2021-22 financial year, cybercrime cost Australian businesses an estimated $33 billion in direct financial losses. This encompasses a wide range of malicious activities, from online fraud and identity theft, which can cause substantial financial losses and distress to individuals, to ransomware attacks that cripple businesses and critical infrastructure. Furthermore, state-sponsored cyber espionage increasingly threatens national security and intellectual property. Globally, the cost of cybercrime is projected to reach $8 trillion in 2023 and $10.5 trillion by 2025, according to Cybersecurity Ventures. The rapid growth of internet usage, the sophistication of cybercriminals, and society’s dependence on digital technologies all contribute to this escalating problem. It is crucial that Australia prioritises effective prevention, detection, and investigation strategies to mitigate the impact of cybercrime and protect its citizens, businesses, and national interests.