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20% of Aussie businesses hacked six plus times this year – higher than EU and USA

According to Mimecast’s 2022 State of Ransomware Readiness report, 70% of Australian cybersecurity leaders say the number of cyberattacks against their company has increased since last year or stayed the same. And alarmingly, almost a quarter of respondents or one in five businesses (20%) said they sustained six or more ransomware attacks in the past year – higher than any other country/region surveyed including Canada, France, Germany, Netherlands, Nordics, Singapore, South Africa, UAE, UK, and US.

Meanwhile, 57% (compared to 55 globally) think cyberattacks will bring down part of the critical national infrastructure in my country (e.g. utilities, banks, transport etc.) in the next two years.

Key Australia Cybersecurity Findings:

  • 40% of organisations have experienced significant downtime because of ransomware attacks, up from 33% last year.
  • 30 % say it would take 1-2 days to return to normal business after an attack. Yet 33% said they could only withhold 2-5 days before sustaining significant financial loss and reputational damage.
  • 41% of organisations have experienced a loss in revenue due to a ransomware attack in the last twelve months
  • 20% said the cost of an attack was between $50K – 100K
  • 53% are concerned that their cyber insurance will refuse to pay out for ransoms in the future

Mimecast State of Ransomware Readiness 2022 – Australia Key Stats

Ransomware attack frequency and impact

  • One in five (20 %) Australia companies have sustained six or more ransomware attacks in the past year – more than any of the other countries surveyed, including Canada, France, Germany, Netherlands, Nordics, Singapore, South Africa, UAE, UK, and US.
  • 57% (compared to 55% globally) think cyberattacks will bring down part of the critical national infrastructure in Australia (e.g. utilities, banks, transport etc.) in the next two years

Business implications

  • 40% of organisations have experienced significant downtime because of ransomware attacks, up from 33% last year.
  • 30 % say it would take 1-2 days to return to normal business after an attack.
    Yet 33% said they could only withhold 2-5 days before sustaining significant financial loss and reputational damage.
  • 41% of organisations have experienced a loss in revenue due to a ransomware attack in the last twelve months
  • 53% are concerned that their cyber insurance will refuse to pay out for ransoms in the future.

Human toll of ransomware

Many professionals are reaching their breaking point, as 34% are considering leaving their role in the next two years due to stress or burnout

  • 31% experienced an increased number of absences due to burnout following an attack
  • 57% would feel very personally responsible in the event of a ransomware attack, up from 54% last year.
  • 59% said the reason being is “It is my job to protect the company from cyber attacks”
    Cybersecurity decision-makers are under mounting stress, and many of them are reaching breaking point.
  • 56% say that ransomware attacks have a negative impact on their mental health

Ransomware tactics used by cybercriminals

  • 61% say phishing emails with ransomware attachment was the main tactic used in attacks, compared to 53% per cent global
  • Supply chain attack (41%) and compromised credentials (40 %) was also listed as a tactic.
  • 47% of businesses have encountered network wide attacks, 50% had also experienced ransomware using encryption
  • Mobile ransomware was used n 46% of attacks in Australia, compared to 39% globally
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