The hacking of 130 high-profile Twitter accounts on Wednesday 15 July is a reminder of the growing importance of cybersecurity in the new digital age. Verified accounts including Jeff Bezos, Bill Gates, Elon Musk, and Barack Obama were targeted and used to post a scam seeking to lure followers into sending Bitcoin to the perpetrators. The majority of companies that are more vulnerable than a US$28bn social networking giant need to take notice. Working from home may increase the likelihood of a cyber breach for many companies, as employees are often working with less than optimal software and using unsecured forms of communication. According to PwC’s Global Economic Crime and Fraud Survey 2020, cybercrime is the second most frequent incident of fraud.
It is not just companies that are expected to increase spending in this area. On 30 June 2020, Prime Minister Scott Morrison announced a plan for the nation’s largest ever investment in cybersecurity; A$1.35bn and over 500 new jobs over the next decade to enhance the cyber security capabilities. The 2019 US President’s Budget included a US$15bn budget for cybersecurity-related activities.
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