E-commerce crime costs the global community around $3 trillion dollars a year, according to the experts. Now ICA has developed a plan to tackle the issue in Australia. The “E-Commerce Crime and Vandalism Defence Plan” is intended to raise awareness of electronic crime and help insurers identify potential risks and legal issues. 

ICA Exec Director Alan Mason said e-crimes could cause greater damage to the Australian community than most other types of fraud. Insurers in particular are exposed to risk through shared information with intermediaries, loss adjusters and solicitors. The insurers also rely on other organisations for outsourced claims and claims on-line. 

Over the past three years the Australian Computer Emergency Response Team recorded a progressive increase in computer security incidents, with the number of security incidents between 1999 and 2000 jumping from 2000 to over 8000.  

Mr Mason said the ICA plan will require “the resources and talent of many people and companies”.