The Australian Cyber Security Centre (ACSC) received 76,000 cybercrime reports last financial year, up 13 per cent from the previous period, according to its latest annual cyber threat report.

The ACSC responded to over 1,100 cyber security incidents, blocking over 24 million malicious domain requests and taking down 29,000 brute force attacks against Australian servers.

While just over half of attacks targeted individuals for fraud and theft, the report warned that state-sponsored attackers made cyberspace a “battleground” and cited attacks from Communist China’s Ministry of State Security, Iran and Russian state-linked groups.

The government has stepped up, the private sector needs to step up in the interest of their customers but also their own interest, Prime Minister Anthony Albanese stated.

Business losses attributable to cyber crime rose, with the average crime costing a small business A$39,000.

The jump in attacks and damage is making insurers wary and premiums in Australia jumped 56 per cent year-on-year in the second quarter, according to Marsh & McLennan Companies.