Ransomware Attacks Evolve in Australia: Education Sector Hardest Hit, Paying Ransoms Doubles Recovery Costs
Ransomware attacks on Australian organisations are evolving, with a new report revealing the most common root cause and the impact of paying ransoms. The Sophos State of Ransomware 2023 Report highlights that exploited vulnerabilities are the primary entry point for these cyber attacks.
In 2023, the education sector was hit hardest, with 79% of higher education and 80% of lower education organisations falling victim to ransomware. Larger organisations were more likely to succumb to the pressure, with over half of businesses earning $500 million or more paying the ransom.
Ransomware crews are refining their tactics, accelerating attacks to minimise disruption. In 69% of cases, adversaries successfully encrypted data, and in 30% of these instances, data was also stolen, indicating a common 'double dip' method. Paying the ransom not only increases the likelihood of longer recovery times but also doubles recovery costs, with organisations paying double the amount of those using backups (US$750,000 vs US$375,000).
Despite the decline in ransomware attacks in Australia in 2022, with 70% of organisations surveyed being victims compared to 80% in 2021, the threat remains significant. Sophos recommends strengthening defensive shields, optimising attack preparation, and maintaining good security hygiene to protect against ransomware.
The Sophos State of Ransomware 2023 Report underscores the importance of robust cybersecurity measures. As ransomware attacks continue to evolve, organisations must prioritise defence, preparation, and hygiene to mitigate risks and avoid the costly consequences of paying ransoms.
