Experts have said that Cybercrime has increased due to the advancement in technologies and also pointed out that it costs $110 billion a year to the global economy.

Australian Securities and Investments Commission chairman Greg Medcraft said on Monday that an estimated $110 billion cost is incurred each earn globally due to cybercrime. Mr Medcraft was speaking while opening the regulator annual conference in Sydney. He said that estimated have shown that each cyber-attack costs about $2 million to an Australian firm.

Mr Medcraft said, "Cybercrime is a systemic risk and is potentially the next black swan event." He also said that the cybercrime could seriously affect the financial health of a country.

The conference will host a panel of experts focusing on how regulators can tackle cybercrime. A report by accountancy firm PricewaterhouseCoopers has found that financial industry firms face a higher risk of cyber-attacks than firms in other industries. A total of about 39 per cent of financial services were victims of cyber-attacks compared to 17 per cent for other companies. Cyber security firms said that the technique and scale of attacks are improving and becoming more sophisticated and harder to detect. This will make it challenging for security firms to protect glboal systems form cyber crimes.