SYDNEY (Reuters) – Australia will spend A$1.66 billion ($1.19 billion) over the next 10 years to strengthen the cyber defences of private companies and households following a rise in cyber attacks, Prime Minister Scott Morrison will announce on Thursday.
FILE PHOTO: Australian Prime Minister Scott Morrison speaks during a joint press conference held with New Zealand Prime Minister Jacinda Ardern at Admiralty House in Sydney, Australia, February 28, 2020. REUTERS/Loren Elliott
Cyber attacks on businesses and households are costing about A$29 billion or 1.5% of the country’s Gross Domestic Product, according to Morrison’s prepared remarks seen by Reuters.
The package is the latest cyber spending commitment from Australia, coming just weeks after Canberra said it will spend A$1.35 billion over the next decade to bolster the capabilities of the country’s chief cyber intelligence agency.
That spending followed an attack by a “sophisticated state-based actor” on all levels of government, political