Cyber resilience urged as ransomware costs hit AUD $3 billion

Commvault has highlighted the evolving tactics of ransomware attackers and urged both businesses and individuals to assess and strengthen their cyber resilience in recognition of Anti-Ransomware Day.

The persistence and sophistication of ransomware and data theft extortion continue to present significant challenges in Australia, with business email compromise and fraud consistently ranking among the most commonly self-reported cybercrimes for both businesses and individuals during the 2024 financial year.

Darren Thomson of Commvault addressed the issue, stating, "Ransomware attacks continue to escalate year after year, and cybercriminals are no longer just chasing payouts – they're hunting for headlines. Recent attacks targeting high-profile organisations and critical supply chains show a clear shift in strategy: aiming for maximum disruption and publicity by targeting the 'big fish'."

Research shows that, on average, one cybercrime is reported every six minutes in Australia. Ransomware alone is estimated to have caused up to AUD $3 billion in damages annually to the Australian economy. Despite the scale and frequency of these threats, there is a notable lack of preparedness among many organisations.

Thomson emphasised the need for a comprehensive approach to cyber resilience, explaining that it encompasses more than implementing defensive measures. It also requires the capacity to recover quickly from incidents. "True cyber resilience means more than just defence, it also requires the ability to recover fast. This is where tools such as cleanroom environments come in."

"By restoring critical cloud services in a secure, isolated space and using automation to speed up recovery, companies can minimise downtime. While recovery takes 24 days on average, some organisations don't achieve business-as-usual for over 200, often due to poor preparation and a lack of understanding of their 'Minimum Viable Company' – the essential systems needed to stay operational," said Thomson.

Cleanroom environments allow for the restoration of essential services in isolated digital spaces, which reduces the potential impact of reinfection and expedites organisational recovery to minimise operational disruption. The challenges are compounded when companies do not have a clear understanding of the core functions necessary to maintain basic business operations in the event of an attack.

Thomson also addressed the broader importance of resilience beyond the corporate sphere. He pointed to recent technology outages in Spain and Portugal as reminders of the increasing reliance on digital infrastructure. "But resilience isn't just a concern for businesses. Individuals must also take responsibility for their cybersecurity."

"The recent tech outages in Spain and Portugal bring a harsh reminder of how reliant we are on digital systems. Consumers should start by evaluating their own Minimum Viable Company: Could you manage without internet access? Do you have a backup plan if payment terminals go down?"

Practical steps for consumers to enhance their cyber resilience were outlined, with Thomson advising, "Taking practical steps like using secure password managers, avoiding password reuse, and steering clear of public Wi-Fi without a VPN are essential. On Anti-Ransomware Day, it's time for both businesses and consumers to assess their cyber resilience."

The rise in frequency and the increasing impact of ransomware attacks underlines the need for a strategic and thorough approach to cyber resilience in Australia.

This encompasses not only technical defences but also pragmatic recovery planning for interrupted services and personal preparedness for unexpected disruptions to digital systems.