Prime Minister launches $230 million strategy to save us from cyber criminals

MALCOLM Turnbull will on Thursday unveil a multi-million dollar strategy to tackle the threat of criminal and state-sponsored cyber attacks.

Cracked security code abstract image. Password protection conceptual image.

MALCOLM Turnbull will on Thursday unveil a multi-million dollar strategy to tackle the threat of criminal and state-sponsored cyber attacks.

Over four years, the federal government will invest $230 million to protect classified material and share important threat information with the private sector.

In 2014, the internet contributed $79 billion to the Australian economy but the government says more needs to be done to prevent cybercrime, which costs Australians more than $1 billion dollars each year.

The new money — which comes on top of $400 million over a decade outlined in the defence white paper — will primarily go toward hiring and training more than 100 cyber security experts to identify threats and help companies protect themselves.

The Herald Sun understands the government’s strategy will also focus on “warmware”, where a trusted insider can steal classified information.

The government will also appoint Australia’s first cyber ambassador, and Prime Minister Turnbull will designate a minister to assist him on cyber security.

After extensive consultation involving almost 200 organisations, the government will also move the Australian Cyber Security Centre from its base inside Canberra’s Australian Security Intelligence Organisation headquarters.

The government will, instead, establish “threat-sharing centres” in capital cities to give organisations better access to experts.

Private organisations will also be able to access important information about potential threats using an online database similar to one used in the UK.