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Cost of cybercrime in Australia estimated at $4.2 billion: Aon

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Aon Financial Specialties' managing director in Australia, Jenifer Richards, said cybercrime in Australia costs an estimated $4.5 billion Australian ($4.2 billion) annually, Asia Insurance Review reported.

The average cost per data breach was AUD 2.16 million, Ms. Richards said. She added that data protection will become ever more important after the passage of the Privacy Amendment Bill as companies will be required to inform customers about serious data breaches.

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