Ransomware: Still a Major Threat for Australian Businesses in 2024

Aussies, heads up! Ransomware remains a major threat to businesses big and small in 2024. Fresh reports from the ACSC and industry experts paint a worrying picture: High attack rates and rising cost of victims. Don't let your business become another statistic. In this newsletter, we'll delve into the evolving tactics of ransomware attackers the crippling consequences of a successful attack, and most importantly, the key steps you can take to stay safe in this ever-changing digital landscape.

The Impact of Ransomware

Ransomware attacks remain a significant concern for Australian businesses in 2024. Recent reports from the Australian Cyber Security Centre (ACSC) and industry leaders paint a concerning picture. Here's a breakdown of the threat:

• High Costs & Prevalence: The ACSC reported nearly 500 ransomware cybercrime reports in the 2020-21 financial year, with a trend of increasing costs per attack (https://www.cyber.gov.au/threats/types-threats/ransomware). Industry reports from Sophos and CrowdStrike show over 70% of Australian organisations have faced ransomware attacks (https://www.statista.com/statistics/1338014/australia-delivery-ransomware-malware-attacks-by-number-of-reports-and-amount-lost/).

• Shifting Tactics: Cybercriminals are constantly evolving. Be aware of the growing trend of Ransomware-as-a-Service (RaaS) models, allowing attackers with limited technical skills to deploy these tools. Additionally, phishing campaigns specifically targeting Australian businesses remain prevalent.

The Government's Stance

The Australian Cyber Security Centre (ACSC) plays a crucial role in combating ransomware. They provide resources and advice to help businesses stay informed and mitigate threats. You can visit their website for the latest information: https://www.asd.gov.au/about/what-we-do/cyber-security.

The Risks of Paying Ransom

It's important to understand the risks associated with paying a ransom:

• No Guarantee of Recovery: There's no guarantee that paying the ransom will result in data decryption.
• Fuels the Problem: Paying a ransom encourages further attacks and emboldens cybercriminals.
• Legal Implications: Ransomware payments can have legal implications depending on the source of the attack.

Proactive Measures Against Ransomware

By taking a proactive approach, you can significantly reduce your risk of falling victim to ransomware:

• Stay Vigilant: Regularly monitor the ACSC website for the latest threats and mitigation advice.
• Layered Defense: Implement a comprehensive security approach with firewalls, strong passwords with multi-factor authentication (MFA), regular data backups, and employee training on cybersecurity best practices.
• Patch Management: Prioritize timely software updates to address vulnerabilities.
• Incident Response Plan: Develop a clear plan outlining how your business will respond to an attack. This minimizes downtime and ensures a faster recovery.

By taking these steps, you can significantly reduce the risk of falling victim to a ransomware attack and ensure the security of your organisation's data. Stay safe, stay vigilant.

If you need more information or assistance, please contact us a enquiries@insicon.com.au

We are here to help you secure your digital assets and prevent ransomware attacks.