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The "black swan" of cybercrime

Obvious need for concern and vigilence (and more!) - rampart, seemingly unchecked, cybercrime.

"Cybercrime is a systemic risk and could be the next black swan event, the head of Australia's corporate regulator says.

Advancements in technology had led to a "significant growth" of cybercrime and had an estimated global cost of $110 billion a year, the Australian Securities and Investments Commission chairman Greg Medcraft said on Monday.

Mr Medcraft, who was opening the regulator annual conference in Sydney, said each cyber attack was estimated to cost an Australian firm about $2 million."

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"Earlier this month, a report by accountancy firm PricewaterhouseCoopers found that financial services companies were more at risk from cybercrimes compared to their counterparts in other industries. About 39 per cent of financial services firms surveyed by PwC said they were victims of cybercrimes, in contrast to 17 per cent for other companies."

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