Australian cybersecurity organization AUSCERT asserts that the designated budget allocation will strengthen the nation's cyber resilience.
Government Announces Major Investments in Fraud Prevention, Cybersecurity, and Digital Infrastructure
The Australian government has unveiled a significant investment plan aimed at bolstering the nation's defences against fraud, enhancing cybersecurity, and upgrading digital infrastructure across various sectors.
The Australian Taxation Office (ATO) will receive AUD 187 million over four years to strengthen its capabilities in detecting, preventing, and mitigating fraud against the tax and superannuation systems. Additionally, AUD 24.8 million will be provided to improve the ATO's management and governance of its counter-fraud activities.
In a move to combat scams and online fraud, the government will provide AUD 67.5 million over four years from 2024-25. This investment will facilitate the introduction of mandatory industry codes to be established under a Scams Code Framework. The Treasury will also use AUD 1.6 million over two years from 2024-25 to develop and legislate the overarching Scams Code Framework.
The Australian Competition and Consumer Commission (ACCC) will receive AUD 37.3 million over four years from 2024-25 to administer and implement the mandatory code for affected companies to address fraud and online scams on their platforms and services.
To improve the data capability and cybersecurity of key financial regulatory bodies, the government will provide AUD 206.4 million over four years from 2024-25 to the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
In the realm of digital identity, AUD 288.1 million over four years has been allocated to strengthen privacy and protect consumers with stronger mitigations against fraud and identity theft.
The myGov platform will receive AUD 50.0 million over four years from 2024-25 for enhancements aimed at improving security and responding to the findings of the Critical National Infrastructure myGov User Audit.
The National Disability Insurance Scheme (NDIS) Quality and Safeguards Commission will receive AUD 160.7 million over four years from 2024-25 to upgrade its information technology systems. The ATO will also receive AUD 83.5 million for a new compliance taskforce to recover lost revenue and intervene when fraudulent refunds are attempted.
The Department of Parliamentary Services will receive AUD 12.8 million over four years from 2024-25 to enhance information technology to support business productivity and cybersecurity. The Australian Sports Foundation will receive AUD 8 million over three years from 2024-25 to support technology upgrades and improve cyber security for the fundraising platform.
The ten-year budget to deliver the 2024 National Defence Strategy is AUD 50.3 billion, and includes national defence in the cyber domain, a fact not previously mentioned. This strategic plan underscores the government's commitment to safeguarding the nation in the digital age.
Lastly, AUD 6.3 million in 2024-25 will be spent by the ACCC to improve public awareness of scams and help the public to identify, avoid, and report scams, a fact not previously mentioned. This initiative aims to empower Australians to protect themselves against potential fraud and online scams.
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