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Friday, September 30, 2022

Total Economic Impact of Cybercrime on Australia in 2019 Was $3.5 Billion

This report estimates the cost of pure cybercrime to individuals in Australia in 2019. A survey was administered to a sample of 11,840 adults drawn from two online panels—one using probability sampling and the other non-probability sampling—with the resulting data weighted to better reflect the distribution of the wider Australian population.

Thirty-four percent of respondents had experienced some form of pure cybercrime, with 14 percent being victimised in the last 12 months. This is equivalent to nearly 6.7 million Australian adults having ever been the victim of pure cybercrime, and 2.8 million Australians being victimised in the past year.

Drawing on these population estimates, the total economic impact of pure cybercrime in 2019 was approximately $3.5b. This encompasses $1.9b in money directly lost by victims, $597m spent dealing with the consequences of victimisation, and $1.4b spent on prevention costs. Victims recovered $389m.

Read the report at the Australian Institute of Criminology

Homeland Security Todayhttp://www.hstoday.us
The Government Technology & Services Coalition's Homeland Security Today (HSToday) is the premier news and information resource for the homeland security community, dedicated to elevating the discussions and insights that can support a safe and secure nation. A non-profit magazine and media platform, HSToday provides readers with the whole story, placing facts and comments in context to inform debate and drive realistic solutions to some of the nation’s most vexing security challenges.

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