According to the first report of the Australian Cyber Security Centre (ACSC), cybercrime as a service is likely' to increase as criminals continue to find it easier to purchase malware rather than developing their own.

The report goes on to say: “Malware used for cybercrime is now readily available through the online marketplace, often with ongoing technical support, making it accessible to people with minimal ICT knowledge.”

“The complexity and sophistication of malware used for cybercrime now rivals the capabilities of some state-sponsored adversaries. Foreign state-sponsored adversaries are using malicious software typically used for financially motivated cybercrime to mask their identities and activities."

"Although it is difficult to establish an accurate figure for the cost of cybercrime, an October 2013 industry estimate put the cost over the previous 12 months at $1 billion.”

Effective cyber security, according to the report, will only happen when there is a partnership between government and the private sector.

Source: Computer World