Australian budget overlooks cybersecurity amidst AI threats

The recent Australian budget announcement provoked a myriad of reactions, igniting anticipatory conversations about future investments in innovation, digital technology, science, and renewable energy in the next decade. However, scant attention was given to cybersecurity and its immediate implications for Australian individuals and businesses.

Within this context, Liam Dermody, Director of Threat Analysis, ANZ, illuminated the effects of AI threats on Australian businesses and advocated for robust investment in the daily application of AI in the country.

Reflecting on the prior year's budget approach to cybersecurity, Dermody expressed some disappointment, saying, "Last year the Federal Budget included considerable investment in the technology sector, specifically cyber security with the release of the National Cyber Security Strategy. We would have liked to see the Government maintain this momentum, and take continued steps to help organisations protect themselves and the people they serve, such as by continuing to invest in training of cyber security professionals and educating end-users about cyber security."

According to Darktrace's State of AI Cybersecurity 2024 report, 74% of security professionals believe AI-augmented threats are already affecting their businesses. Dermody highlighted this data to stress the essential role of the Government in upskilling Australians to bridge this skills gap ahead of impending threats. He said, "The Government should help to upskill Australians and to solve this skills gap before we fall too far behind the attackers."

Speaking about Artificial Intelligence, Dermody reminded us that while AI is currently a much-discussed topic in the technology environment, its practical, daily implementation for Australians should be a priority in government funding. Explaining the potential of AI, Dermody said, "AI has the power to automate the mundane tasks that bog us down every day at work and free Australians time, allowing us to be more strategic and proactive in our work. We see this in cyber security all the time."

Describing the tangible benefits of AI Cyber Security implementation, Dermody explained that it "frees up time for the security team and allows them to move from a reactive approach to a proactive approach, not waiting for an attack to happen to defend their organisation, but proactively looking for vulnerabilities and upskilling team members, making their organisations safer."

He expanded on the wider applicability of AI in various job roles and the pivotal role the government could play in facilitating this change: "This change in work to be more strategic, through the use of AI, applies to many other job roles, whether it be teachers, accountants, or marketing professionals. With support to upskill the Australian population in the development and use of AI, the government could create a workforce transformation."