Australia has seen a 500% growth in ransomware attacks since the beginning of the COVID-19 global pandemic – making it one of the most prominent cyber threats our country is facing. With new laws and regulations surrounding cyber-security effectively illegalising payments to ransom malware attackers, traditional preventative measures are no longer considered an effective solution for organisations trying to maintain their data security. Outcomex and Cisco offer solutions that can help organisations stay secure against ransomware and other malicious activity. 

Criminalising ransomware payouts

Ransomware attacks result in massive losses for companies, including data loss, financial harm, and operational disruptions for individuals and organisations.  Although paying ransom demands may appear to be the easiest solution to some individuals, this has actually become illegal in Australia as of November 2022. 

“Criminalising the payment of ransoms would reduce the financial incentives for criminals because companies would be bound to refuse payment… This would, in turn, reduce the number and severity of cyber attacks,” states Australian law firm, Lander & Rogers. 

In late 2022, large Australian corporations were faced with ransomware attacks which have impacted not only the organisations, but also their customers whose data was exposed. These attacks resulted in the illegalisation of paying a ransom as an incentive to minimise the amount of attacks occurring. Despite the prohibition of ransom payments and penalties increasing over the years, some may argue that it might actually have the opposite effect. It may actually cause an increase as it leaves organisations no option and potentially losing everything as a result of not providing money for the attacker. 

Keys to protecting yourself from ransomware

A ransomware attack can be pre-meditated with months of planning prior to the attack, hence it is essential to take proactive measures to maintain security resilience. The Australian Cyber Security Centre states that some of the best methods include regular backups, up-to-date security software, and overall user awareness. Keep all software up to date with the latest security patches, including antivirus programs. Exercise caution online, avoiding suspicious links and downloads from untrusted sources.  

Educate yourself and your organisation about ransomware risks and implement strong security practices, like using complex passwords and two-factor authentication, as well as staying aware of phishing emails attempting to pry for sensitive information.

Regularly backup important data to offline or cloud-based storage, and ensure backups are isolated from the primary network. 

Ensuring that you regularly undertake a security assessment and constantly monitor your security posture is also extremely important. A cyber-security assessment is vital to the life of a business. Whether you’re implementing new products and services, or creating new channels of engagement, if you have a digital presence then ensuring your business remains secure is key. Check out our end-to-end cyber-security assessment services: https://www.outcomex.com.au/solution/end-to-end-cyber-security-service/ 

“With today’s landscape adjusting for new variants of cyber threat, especially ransom based threats, is an ongoing battle. It’s no secret that our adversaries are advancing in sophistication here but so are our tools and techniques to counter them. Staying in touch with your environments posture relevant to the threat landscape is one of many areas where we can help.”

Mark Spencer, National Security Business Manager at Outcomex.

Zero Trust

Building resilience is tough at first, but it is possible with the help of Outcomex and Cisco’s cyber-security solutions. One of the most effective methods to protect yourself and your organisation from a potential ransomware attack is a Zero Trust approach. “A zero-trust model considers all resources to be external and continuously verifies trust before granting only the required access.” In a standard system, once logging in you will be able to freely roam and access your data. Cisco Zero Trust consists of multiple capabilities ranging from anomaly detection, to device posture assessment, flow analytics, identity authorisation, multi-factor authentication (MFA), threat intelligence and more.

Building security resilience may be tough, but Outcomex and Cisco provide an extensive range of security solutions to make it easier. Our security solutions are suitable for all types of businesses, regardless of size or industry – scalable and easy to use, designed to protect against ransomware and ensure data is kept secure at all times. With our team of experienced professionals utilising the latest technologies, you can trust that your data is protected and in safe hands.

Contact us today to learn how we can help you implement a successful cyber-security strategy.