No Illawarra business is immune from cybercrimes as reports of hacking and data breaches soar.
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A report from the Australian Cyber Security Centre released today found 76,000 reports of cybercrime in the last financial year, an increase of 13 per cent on the previous year.
The figures come as there are seemingly daily reports of businesses being hacked and consumers having their data stolen.
The latest high profile breach involved real estate agency Harcourts, which exposed the personal information of tenants, landlords and tradespeople.
Executive director of Business Illawarra Adam Zarth said no sector was being spared.
"We're seeing it across the board. We're hearing reports from members and the big end of town are not insured from this either," he said.
"Every business right now should be looking at a cybersecurity plan."
Assistant Treasurer and member for Whitlam Stephen Jones said the government was looking into what information customers have to share online.
"Do I really need to be giving my phone number, email address and bank account details to buy a cup of coffee? The answer is no," he said.
Mr Jones said in light of major breaches at Optus and Medicare, the government was reviewing requirements around how long companies store personal data and reducing scam and fraud advertising online.
If an individual's personal data is stolen and that leads to a financial loss, Mr Jones said that where there is negligence, companies should be liable.
"The objective is ensuring the customer, through no fault of their own, does not cop it."
The heightened cyber risk comes as households and businesses cut back on spending as confidence dampens and inflation bites.
After record highs during the pandemic, housing loans fell 9.3 per cent in September, the fourth month in a row. Annual inflation reached 7.3 per cent in September, with employee households particularly impacted as interest rates rise, according to the Australian Bureau of Statistics.
"Higher food and automotive fuel prices in the past 12 months contributed to higher living costs for all household types," head of prices statistics at the ABS Michelle Marquardt said. "Annually, food prices rose between nine and 10 per cent across the household types, driven by fruit and vegetables, while fuel prices rose around 18 per cent."
Mr Jones said there was a three to four month window for the government to control inflation before it begins to spiral out of control.
"The number one job between now and May is getting inflation back under control, that's what the budget is about."
Despite this, the budget forecast more pain to come, with household energy prices to increase by 56 per cent over the next two years. Mr Jones would not confirm what immediate actions the government would take to address rising power prices as gas prices in particular soar, but poured cold water on suggestions the government should introduce a gas reservation scheme on the East Coast market, similar to what is in place in Western Australia.
"It's not going to work because we've actually not got a supply issue. There's plenty of gas. The question is, gas companies are saying, 'I can sell this at a premium overseas, and we're gonna sell it in Australia at the same premium.' We're not going to cop that."
With industrial businesses in the Illawarra particularly exposed to the gas price, Mr Zarth said he welcomed money allocated in the October budget to transmission projects for renewable energy, but that there was a need for increased supply into the local market.
"The LNG importation terminal, currently under construction in Port Kembla, will hopefully push down the price pressure of gas."
Speaking at a post-budget event with Mr Jones, Mr Zarth said having a local member at the highest table when it comes to budget deliberations for the first time was something the business community was excited about.
"We aren't usually in the position to be able to talk directly to a treasury minister, which we are today."
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