Illumio’s recent Global Cost of Ransomware Study found that 64% of Australian companies hit by ransomware had to shut down operations as a result.
Additionally, 43% of these organizations reported a significant loss of revenue, and 39% lost customers as a result of an attack.
Most respondents indicated that reputational damage has overtaken regulatory fees as the most costly effect of a ransomware attack.
“Since 2021, more organizations are reporting that brand damage was a consequence of the ransomware attack (an increase from 21% to 35% of respondents),” the report states. “The findings also reveal that recovering from damage to brand can cost organizations the most following a ransomware attack.”
The report also found that phishing remains the top initial access vector for ransomware gangs, used in 58% of attacks.
“Phishing continues to be the most common way ransomware is delivered,” the report says. “Phishing and Remote Desktop Protocol (RDP) compromises continue to be the primary methods used to unleash ransomware. Ransomware is typically spread through emails that contain links to malicious web pages or attachments. Infection can also occur when a user visits an infected website and malware is downloaded without the user’s knowledge.”
The researchers add that security awareness training can help prevent these attackers from gaining a foothold within the organization.
“To improve prevention and reduce the time it takes to respond, organizations should address negligent user behavior and the lack of security awareness,” the report says.
“Training programs should focus on how users can make better decisions about the content they receive through email, what they view or click in social media, how they access the web, and other common practices. Because no cybersecurity control can prevent every attack, containment and response strategies were equally critical.”
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