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Economics update | 23 June 2023
23 Jun 2023
Cybersecurity Risks and Skilled Workforce shortages pose challenges for Australian businesses
The recent report released by the ABS on the characteristics of Australian business sheds light on the risks faced by Australian businesses due to cyber attacks.
During 2021-22, 22 per cent of the businesses experienced a cyber security attack, up from 8 per cent in 2019-20. Of those affected by cyber-attack, 56 per cent experienced negative consequences as compared to 80 per cent of businesses in 2019-20. Approximately 70 per cent of businesses reported having some cyber security measures in place, of which 62 per cent of businesses reported regularly updating virus checking or protection software while 37 per cent regularly backed up operations-critical data.
When it comes to the labour market, 38 per cent of businesses reported encountering a shortage of skilled workers, an increase from 24 per cent for the year ending June 2022. Industries such as accommodation and food service (56 per cent), retail trade (45 per cent) and manufacturing (42 per cent) experienced acute skills shortages. This observation aligns with the tight labour market conditions that persist in the economy, making it extremely difficult for businesses to compete for skilled workers.
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