Australian Organizations Spent $55 Million in Ransom Payments

The practice of paying millions in ransom fees to hackers who stole or encrypted data has been ignored for many years in Australia. Experts have warned that there is a “tsunami of cyber crime” headed for the rest of the globe, according to ABC News.  

Australia has seen quite a few attacks on its organizations in 2020 and 2021. The most recent attack, launched just a month ago, targeted meat supplier JBS Foods and affected 47 facilities only in Australia. Another massive cyber attack occurred in March and targeted Nine Entertainment, leaving the company unable to broadcast newscasts and produce newspapers. Logistics company Toll Holdings was hit twice by cyberattacks, in February and May.

A vicious cycle has been created in Australia, especially since money paid to criminal organizations is only fueling more crimes. The government’s cybersecurity agency (ACSC) found that ransomware attacks against Australian organizations have risen by 60% in the last year.

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