A cyberwar could cost Australia’s economy $30 billion, but a loss of public trust could be an even bigger threat

The Australian Cyber Security Growth Network (AustCyber) on Monday released a report modelling the potential impact of cyberattacks and sustained digital outages on Australia.

The Digital Trust Report’s modelling suggests four weeks of partial “digital disruption” could displace up to 163,000 jobs and damage the economy to the tune of A$30 billion.

According to AustCyber’s report, that’s about 1.5% of our gross domestic product, or three-quarters of our annual defence budget.

The report also emphasises the devastating impacts digital disruption can have on public trust.

The monetary costs of cyber disruption

The report includes economic modelling by consultants Synergy Group which looked at the general public’s digital activity, as well as revenue from some indicative sectors including online retail, digital health, space, solar, and cybersecurity.

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