Anti-Ransomware Day: Building Cyber Resilience To Address Evolving Threats

One of the greatest challenges in combating ransomware is that, while new security tools and practices continue to emerge, threat actors are simultaneously advancing their tactics and becoming increasingly sophisticated. Ransomware and data theft extortion continue to be pervasive threats with business email compromise and fraud among the top self-reported cybercrimes for businesses and individuals in Australia in the 2024 financial year.

Today on Anti-Ransomware Day, Commvault’s Darren Thomson said: “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”.

Recent research found that on average, one cybercrime is reported every 6 minutes in Australia, with ransomware alone causing up to $3 billion in damages to the Australian economy every year. Yet, despite the rising threat, too many organisations remain underprepared. 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.

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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?

“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.”

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