Australia sees 61% rise in cyber extortion, report reveals

Australia is currently facing a significant increase in cyber extortion attacks, with a 61% year-on-year rise, according to a new report from Orange Cyberdefense. The Cy-Xplorer 2024 report highlighted this surge, indicating that the actual threat might be much higher due to underreporting, which experts estimate could be as high as 60%. This presents a grave risk to the Australian economy, jobs, and national security.

Charl van der Walt, Orange Cyberdefense's Head of Security Research, shared his insights from the report while visiting Australia. "Despite being one of the most powerful cyber nations in the world, attackers have not been deterred," van der Walt stated. He pointed out that geopolitical conflicts have significantly impacted the rise in cybercrime, making the digital landscape increasingly dangerous and volatile.

The report found a strong correlation between a country's GDP, its use of English as a primary business language, and the volume of cyber extortion attempts it faces. This makes countries like Australia, with its robust digital infrastructure, a lucrative target for cybercriminals. "Our data shows a strong correlation between a country's GDP, its use of English as a primary business language, and the volume of cyber extortion attempts it faces," van der Walt explained.

Specific sectors in Australia have been particularly affected. Professional, Scientific, Technical Services, Manufacturing, and Healthcare were identified as the most targeted industries. "Manufacturing represents 13% of cyber extortion victims, which is high relative to the size of the industry within the Australian economy. This is concerning, as attacks against manufacturing put critical infrastructure and supply chains at risk," van der Walt noted. He also highlighted a 33% increase in healthcare sector attacks over the past year.

The Cy-Xplorer 2024 report underscores the potential underreporting of cyber extortion incidents. While 97 attacks were identified in Australia over the last 12 months, van der Walt cautioned that the actual number of targeted businesses could be significantly higher. He emphasised the need for Australian organisations to adopt robust cybersecurity measures to mitigate these growing risks.

Orange Business Australia and New Zealand Managing Director, Andrew Borthwick, stressed the urgency of addressing this issue. "There is an urgent need for organisations to adopt a particular approach to technology sovereignty through a high degree of automation in ensuring agility and resilience," Borthwick said. He hosted van der Walt in Melbourne to discuss the criticality of a robust cybersecurity posture.

The Cy-Xplorer 2024 report offers detailed analysis of the current cyber extortion landscape, noting that incidents have increased by 77% globally in the last 12 months. Experts predict this trend will continue, with manufacturing and healthcare sectors particularly vulnerable. "What we're experiencing on a global scale is a climate plagued with geopolitical conflicts that are constantly changing our security environment," van der Walt observed.

To assist businesses in responding to these threats, Orange Cyberdefense provides a range of solutions, including advanced threat detection and response, vulnerability management, penetration testing, and cybersecurity awareness training. Their goal is to enable organisations to build a 'trust shell' around systems, facilitating secure collaboration between different ecosystems worldwide.

Orange Cyberdefense has been tracking cyber extortion activities since 2020 and has collected information on over 11,200 victims to date.