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The 2023 Ransomware Insights report from Barracuda Networks reveals that 69 per cent of the surveyed organisations in Australia experienced at least one successful ransomware attack in 2022.
Approximately 1 in 3 organisations indicated encountering multiple attacks (two or more). Victims of multiple attacks were more prone to paying the ransom. Around 30 per cent of those hit more than once paid to retrieve the encrypted data, while only 23 per cent faced a single attack
Moreover, organisations hit multiple times were less likely to use data backup systems for recovery.
Independent research firm Vanson Bourne conducted a survey commissioned by Barracuda. IT professionals from various industries in the U.S., EMEA, and APAC countries were questioned, ranging from frontline to senior roles at companies with 100 to 2,500 employees.
Ransomware attacks vary by industry on a global scale. For instance, consumer services had a 98 per cent incidence rate, while energy, oil/gas, and utility organisations had an 85 per cent incidence rate. Fifty-three per cent of the energy, oil/gas, and utility industries reported multiple successful ransomware incidents.
According to the findings, 69% of organisations in Australia experienced ransomware attacks that began with a malicious email, such as a phishing email aimed to steal credentials for breaching the network. Web applications and traffic rank second and pose an increasing risk as part of an expanding threat surface.
The global survey found that organisations with cyber insurance were more likely to experience at least one successful ransomware attack (77%) than those without insurance (65%). The study also revealed that 27% of all organisations surveyed globally must prepare to handle a ransomware attack.
“In 2022, the increase in organisations falling victim to ransomware may be due to the ease of obtaining low-cost attack tools through ransomware-as-a-service providers. Additionally, the number of repeat victims suggests that security vulnerabilities are not fully resolved after the initial attack,” says Fleming Shi, CTO of Barracuda.
Organisations can rely on the security industry to protect them from ransomware. Deep, multilayered security technologies, including advanced email protection and backup, threat hunting, and extended detection and response (XDR) capabilities, can help stop malicious activity.
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