A study by Cohesity reveals that many Australian and New Zealand firms lack adequate cybersecurity strategies and tools to address the escalating threat of cyber attacks, particularly ransomware. Survey participants reported a significant increase in ransomware attacks in 2023 compared to 2022, with over half confirming an attack within the last six months. These firms expressed significant concerns over their cyber resilience strategy and its ability to tackle current threats.
Recent breaches such as those at Latitude and Medibank have highlighted the vulnerability of sectors like finance and healthcare. In response, the Australian government is updating its cybersecurity policies. However, the onus of enhancing security standards beyond the minimum framework lies with individual businesses.
The survey revealed that firms struggle to restore data and operations quickly following a cyber attack, leading to a propensity to pay ransoms to recover data swiftly. This inclination is despite the Australian Cyber Security Center’s stern warning against such payments due to their potential illegality.
Firms identify challenges to recovery as a lack of coordination between IT and security, insufficient alerts, and absence of clean, recent data copies. Consequently, the majority of respondents feel their organizations would benefit from comprehensive anti-ransomware solutions and data security platforms that provide insights into their security posture and cyber resilience.
Source: Tech Wire Asia
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