Ransomware Redefined: New Threats and How Businesses Can Stay Ahead

Criminal organisations around the world are launching ransomware attacks at a mind-blowing rate. In fact, drawing from recent research, we can comfortably estimate that in the time it takes you to read this article, 20 to 30 ransomware attacks will have been launched at unsuspecting businesses. Only 6 or 7 of those will have been successful, but that’ll be cold comfort if you happen to work in one of the businesses affected.  

The problem is, we only ever hear about the horrific, high-profile attacks in the news. So it’s easy to assume criminals are just perpetrating occasional multi-million dollar shake downs on the big industry players. The stark reality is that most ransomware attacks are modest enough to never reach the news. Indeed, many go completely unreported as businesses seek to avoid the reputational damage, fines, and other potential consequences. You don’t have to be at the level of the Optus, Medibank, or Okta to be a target.

Ransomware and Cyber Crime Statistics in Australia 

Unfortunately, cyber crime statistics can be hard to pin down due to the fact that so many attacks and breaches go unreported. This is why you’ll find such wide variance when you compare statistics from different reports and surveys. What we can say without a doubt is that the numbers are uncomfortably high and climbing year-on-year.

Starting with a broader perspective, cybersecurity firm Mimecast’s global survey revealed that 61% of businesses faced ransomware disruptions in the past year. Among those affected, 52% paid the ransom. Shockingly, 34% of these unfortunate souls did not recover their data despite having met the demands of the criminals.

On a more local level, the Australian Signals Directorate (ASD) responded to over 1,100 cybersecurity incidents in 2023. Around 10% of these involved ransomware attacks. The ASD also notified 158 entities of ransomware activity on their networks during the same period. This represented a 7% increase compared to the previous year, indicating that cybercriminals are ramping up their interest in Australian networks.

To get a feel for how much this is costing Aussie businesses, we turned to the Australian Criminal Intelligence Commission (ACSC). Their 2021 Annual Cyber Threat Report revealed that losses from cybercrime in Australia totalled more than $33 billion that year. This staggering figure hammers home the significant economic consequences of ransomware attacks. And it’s even more unsettling when you consider the fact that these are self-reported figures. Given how many cybercrimes go unreported, the actual dollar amount is likely far higher. 

Emerging Ransomware Threats Australian Businesses Need to Know About

Ransomware attacks are evolving. While the scattergun approach still exists, cybercriminals are increasingly targeting specific businesses and organisations. They use targeted phishing attacks to gain user logins and credentials before deploying ransomware. 

Here, it’s important to note that phishing attacks are no longer the inelegant things you used to chuckle at before sending straight to your trash folder. Thanks to generative AI and large language models, these attacks are getting far more sophisticated (read our guide to phishing scams to ensure you’re never caught off guard).

Another frustrating issue local business owners are up against is the fact that some organised crime syndicates are now locked onto Australia as a lucrative market. In 2021 and 2022, for example, LockBit emerged as the most prolific ransomware gang targeting Australia. Their attacks average six per month, despite geopolitical events causing occasional declines.

Staying Ahead: Recommendations for Business Owners

If you want to stay off the radar of these highly organised criminal gangs, you need a comprehensive cybersecurity strategy. Your plan of action should cover proactive measures, preventative steps, and thorough disaster-response procedures to cover you if something does slip through your defences. 

The following general recommendations will help you minimise the risk of being caught out by a ransomware attack:

• Education and Training: Cybercriminals are relentless, and you have to match their energy by ensuring you and your team are always up-to-date on phishing risks and safe online practices. Conduct regular training sessions to raise awareness and promote vigilance. Given how many data breaches initiate with social engineering, this is one of the most valuable elements in your defence system. 
• Backup and Recovery: No one wants to think about disasters going down, but planning for them is the best way to turn them from disasters to temporary blips. So, backup your data, test your restoration process, and have a disaster plan in place to get you back up and running (without having to resort to a hefty ransom payment that might not even work). 
• Network Segmentation: A simple yet powerfully protective process, network segmentation involves isolating your critical systems from less critical ones. If ransomware strikes, this containment strategy prevents it from spreading across your entire network.
• Patch Management: You’ve heard it before, but we’ll say it again – keep your software and systems up to date. Attackers live for finding vulnerabilities in outdated software. These weak spots are their bread and butter – the easiest things to exploit. 
• Incident Response Plan: Develop a comprehensive incident response plan. Know who to contact, how to isolate affected systems, and when to involve law enforcement. 
• Zero Trust Architecture: A zero-trust approach means you restrict access to your systems based on strict authentication and authorisation rules. To learn more about this highly-effective way to secure your network, take a look at our guide to zero trust security. 
• Cyber Insurance: This can help mitigate financial losses in case of an attack, so it is something to consider. However, like all insurance policies, it’s vital to do your own research, look into the reputation of the provider, and understand your policy inside out.

Ransomware in Australia: More Than Just News Headlines

It’s easy to feel detached from the threat of ransomware when you only ever encounter it through shocking headlines or the occasional “there’s been a data breach” notification from a service you use. These high-profile incidents might lead you to believe that ransomware is a distant menace, targeting only large, multinational corporations. However, this perception couldn’t be further from the truth.

The reality is that ransomware attacks are a clear and present danger, silently infiltrating businesses of all sizes across Australia. From corner shops to major utilities, no organisation is immune. The attacks that make the news are merely the tip of the iceberg, and the consequences extend far beyond the immediate financial losses. Invotec’s cybersecurity experts have dedicated their careers to protecting Aussie businesses from this growing threat. Our teams work around the clock, providing 24/7 monitoring and proactive protection to our clients. We believe in staying ahead of the curve – it’s about spotting and neutralising threats before they can cause harm, rather than scrambling to respond after an attack. If you’re interested in learning more about how to keep your business safe in this ever-changing digital landscape, we’d love to chat. Feel free to reach out for a friendly, no-pressure conversation about your cybersecurity needs.