![]() Implementing a model of secure access with solutions like Duo can help mitigate the risk of cyberattacks today and the Ransomware 4.0s of tomorrow. Ever-increasing regulatory requirements force providers to be ready for current regulations and those that might be enforced shortly. Rather than temporary patching of security potholes, a strong cybersecurity strategy should evolve with business needs. This belief is likewise reflected in compliance and insurance demands, with strict demands for PHI under the Commonwealth Privacy Act and regional legislation (e.g., the Health Records Act in Victoria or the Health Information Privacy Act in New South Wales) and reporting under the critical infrastructure bill. Strong cybersecurity in highly digitised healthcare is essential to save lives, where every minute matters. The Australian healthcare sector holds a significant amount of PII and PHI, making it an attractive target for cybercriminals and one of the largest reported targets for malicious software by the Australian Cyber Security Centre (ACSC). ![]() The healthcare industry is particularly vulnerable to malicious attacks such as Ransomware 3.0. ![]() Cash aside, businesses and individuals must also deal with the costs of lost and compromised data - especially when it comes to personally identifiable information (PII) and personal health information (PHI). The cost of ransomware on business is also mounting higher, with Australian organisations paying an average of $250,000 per incident. How much does a ransomware attack cost an organisation in Australia? While Ransomware 2.0 evolved the double-extortion technique of threatening data release in addition to locking systems, Ransomware 3.0 double-downs on monetisation through organised crime and layered extortion methods. One innovation driving the proliferation of ransomware is Ransomware-as-a-Service (RaaS) or fully integrated out-of-the-box attack solutions, giving powerful access even with low technical literacy for a small cut of earnings. It is also more sophisticated, using advanced encryption algorithms that make it more difficult to decrypt files that have been encrypted by the malware, moving laterally to disrupt cloud applications and taking advantage of inconspicuous crypto-mining schemes. Unlike earlier versions of ransomware that targeted individual users, Ransomware 3.0 targets large organisations and critical infrastructure. Ransomware 3.0 is the latest iteration of this type of malware, and it differs from its predecessors in several ways, first and foremost in scale. According to the 2022 Verizon Data Breach Investigations Report, ransomware has increased by 13% over the previous year - a jump greater than the last five years combined. While ransomware has been around for many years, it has continued to evolve. The Rise of Ransomware 3.0 in Australia What is Ransomware 3.0? In the final instalment of this series, we cover the rise of ransomware 3.0 in Australia and the secure access innovations that make tangible differences in preventing a breach, mitigating the spread, and keeping organisations moving forward. Compromised credentials and phishing attacks, our previous two points of focus in the series, are two of the most common entry paths to ransomware deployment. Twenty-nine per cent of incidents reported to the Office of the Australian Information Commissioner (OAIC) were attributed to ransomware between July and December of 2022, making it the most reported type of security breach of the year. In Australia, the threat of ransomware attacks has been growing, with the Australian economy reportedly losing up to $2.59 billion annually from these incidents. Tightening cybersecurity has become an increasingly important issue for organisations and individuals around the world. The number-one reported motive for a cyber breach is financial gain, and ransomware 3.0 is the newest preferred tool to get there. Industry News JKatherine Yang Protecting Against Ransomware 3.0 and Building Resilience
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