(Bloomberg, Hanoi) - The Australian government has allocated A$83.5 million (S$71 million) to build cybersecurity capabilities in the Indo-Pacific region. It noted that cybercrime is becoming increasingly complex and sophisticated, and global cooperation is key to combating it.
Assistant Minister for Immigration and Foreign Affairs and Trade, Elizabeth Thistlethwaite, said the funding will be deployed over four years through Australia's Southeast Asia and Pacific Cyber Plan to 2028.
Thistlethwaite made the remarks Saturday (October 25) at a signing ceremony for the United Nations Convention on Cybercrime in Hanoi, Vietnam. Australia is a signatory to the convention.
"Cybercriminals can establish themselves in one country, coerce citizens of another, and target victims in third countries," said Thistlethwaite. "Domestic efforts and legislation can only provide so much protection. Global cooperation is key."
A report released this month by the Global Anti-Scam Alliance, a group of technology and financial companies and expert consultants, estimated that consumers lost approximately US$442 billion (S$574 billion) to fraud in the past year.
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The United Nations also cited unnamed industry experts as saying that cybercrime is projected to cost the global economy approximately $10.5 trillion annually by 2025.
"We are seeing cybercriminals targeting government systems, critical infrastructure, and businesses in an attempt to steal sensitive and valuable data," said Thistlethwaite.
He said cybercrime is "a growing, persistent, and pervasive global threat that undermines trust and causes serious harm to society." He revealed that cybercrime could cost the Australian economy more than A$12.5 billion in 2024-2025.
