Ransomware1 attacks have become more frequent
and serious in recent years in line with a steep increase in the
overall rate of cybercrime globally.
Targets range from small unlisted companies to large
organisations and government agencies, often with sophisticated
cyber defences and policies. The past two years have been
particularly challenging for organisations due to the rise in
remote working and the continued uptick in general and supply chain
ransomware attacks.
The Australian Government has announced a number of proposed
responses to ransomware attacks, including legislation to mandate
the reporting of ransomware payments. There has also been
increasing commentary on directors duties with respect to
cyberattacks. The Australian Government (along with the US) has
expressed great concern about the growing cost to the economy of
ransomware attacks and has flagged a strong indication of increased
regulation in this space in future.
