Cost of Cybercrime Hits $1.2 Billion Per Year

The latest Norton Cyber Security Insights Report shows the cost of cybercrime continues to grow and more Australians are being targeted with ransomware attacks. Australians are concerned about growing threats but don't feel in control of their online security.

 

DOWNLOAD DATASHEET

Press release | View Global Report

The Cost of Cybercrime

We conduct so much of our personal and professional business online, that dealing with our information being compromised can be a huge headache. Cybercrime cost Australians over $1.2B in the past year, at an average of $325 per person and 13.7 hours lost.

Reality Check:

  • 3.7M Australian consumers (19%) have been victims of online crime in the past year
  • More than 1 in 3 say a security breach has happened to them or someone they know
  • Millennials are primary targets, with 28% falling victim to cybercrime in the past year

The Impact of Cybercrime

The fallout of cybercrime is not only financial, it has an emotional impact on consumers too. For many Australians, online crime outpaces physical world fear.

Reality Check:

  • 2 in 3 Australian consumers (66%) believe they're more likely to have their credit card information stolen online rather than from their physical wallet
  • 85% of Australian consumers would feel devastated if their personal financial information was compromised
  • More than 8 out of 10 people feel like they don't have complete control over their online security
  • 90% worry about being a victim of online crime

The Rise of Ransomware

Online extortion continues to plague Australians. Our global ranking for ransomware detections is 5th highest for crypto ransomware and 8th highest for the locker versions.

Reality Check:

  • Australia ranks as 8th most impacted country in the world by ransomware in general – and 5th most impacted by crypto ransomware in particular1
  • Victims of online extortion are asked to pay a ransom that can range from $420-$700–and that's no guarantee their files will be freed2
  • Ransomware is getting nastier and increasing in volume. Ransomware attacks grew 113% globally last year with 24,000 ransomware attacks per day2

1 Source: Symantec whitepaper, The evolution of ransomware, V1.0, Aug 6 2015
2 Source: Symantec, 2015 Internet Security Threat Report, Vol 20, Apr 2015

Don't let online risks scare you more than physical-world fears

The effects of online crime are scary, but there are simple steps you can take to protect yourself.

  • Choose a unique, smart, secure password for each account you have online
  • Delete emails from senders you don't know, and don't click on attachments or links in suspicious-looking emails
  • Beware the pitfalls of clicking links on social media sites. Before clicking, hover your mouse over the link to see where it will take you. Only click on links that lead to reputable, official company pages
  • Always monitor your financial accounts for unusual activity. If you see a charge that you didn’t make, report it immediately to ACORN and seek help from iDcare
  • Don't put off updating your software
  • Don't rely on freeware for cyber security. You get what you pay for. Use trusted multi-layered protection with support, like Norton Security Premium

Global Cyber Security Insights Reports

View the individual country datasheets to see how Australia compares on global cybercrime trends.