Cyber is crippling businesses, but there is a solution

Those are the words of Major General (Ret’d) Dr Marcus Thompson AM, former head of information warfare for the Australian Defence Force (ADF), one of the key speakers at the 2022 Adviser Innovation Summit to be held in Melbourne on 1 June and Sydney on 8 June.

The threat he is talking about is cyber. 

A threat that knows no geographical boundaries. A threat that is constant and a threat that is growing in an increasingly cyber-reliant world. A threat he will cover extensively during his session at the 2022 Adviser Innovation Summit.

“Cyber security is so important for everyone in Australia, not only for individuals, but organisations, whether you're a company or a uni or a charity all the way through to Government, because of our dependence as a society, as individuals and as organisations on electronic devices and digital information,” Dr Thompson said.

With the COVID-19 pandemic reshaping the way we live and work, making remote and online modes of operation and communication far more popular and necessary than ever before, our susceptibility to cyber attacks has exponentially increased.

This insatiable level of demand for digital capabilities has flooded the Australian Cyber Security Centre (ACSC) with calls. More precisely, the centre receives, on average, one phone call every eight minutes from a cyber crime victim.

And the cost of these crimes on the Australian economy?

“The cost of cybersecurity to the Australian economy is estimated to be $29 billion per year or 1.9 percent of GDP,” Dr Thompson said.

The cost of ignorance on cyber security is, however, infinite.

“The key point here is that cyber criminals are profiting from people's lax cyber security. We see all sorts of increases in the activity of cyber criminals because the opportunity is there. I can't quantify it, mate.”

Dr Thompson's must-see presentation at the 2022 Adviser Innovation Summit will be delivered with the aim of educating attendees and providing them with the tools and information to mitigate the risk of cyber security in their personal and professional lives.

He will also discuss the threat environment and the legislative environment before proceeding to present a conceptual framework that he believes “smart generalists can use and apply to their consideration of cyber security.”

His final message to everyone ignoring the importance of cyber security is: ”Good luck to you if you've been hacked.”

The 2022 Adviser Innovation Summit will take place in Melbourne on 1 June and Sydney on 8 June, to ensure you’re prepared for the rising threat of cyber crime, click here to get your tickets.