Ransomware Report: $75m Ransom Paid & Australia in Top 10 for Attacks

With Australia facing an increasingly complex threat landscape, cybersecurity has become a business-wide priority. The latest report from Zscaler, released by its ThreatLabz team, highlights a worrying trend for Australian organisations.

The 2024 Zscaler Ransomware Report, which analyses ransomware activity from April 2023 to April 2024, revealed an 18 per cent year-over-year rise in ransomware attacks. The report also uncovered a record-breaking ransom payment of US$75 million, marking a significant escalation in the scale of ransomware demands. Notably, Australia ranks seventh among the nations targeted by ransomware, accounting for 2 per cent of global attacks.

Manufacturing Industry Hit Hard

Globally, the manufacturing sector was the most targeted, facing over twice as many ransomware attacks as any other industry. Healthcare, technology, and education followed in terms of attack frequency. In Australia, however, the focus shifted somewhat. The most targeted industries locally were transportation services, followed by manufacturing and real estate.

Zscaler’s Area Vice President for ANZ, Eric Swift, commented on the trends affecting Australia. “We are seeing Australia consistently ranking among the top countries for ransomware, phishing, and encrypted attacks. The increasing use of ransomware-as-a-service models, combined with zero-day attacks on outdated systems, highlights the need for a Zero Trust approach,” Swift said.

Rise in Ransom Payments

The report identified an unprecedented ransom payment of US$75 million to the Dark Angels ransomware group, which could lead to similar tactics being adopted by other ransomware gangs. Zscaler’s Chief Security Officer, Deepen Desai, noted the significance of this development. “Ransomware-as-a-service models, along with emerging Ai-powered threats, have contributed to this increase. Organisations must prioritise Zero Trust architecture to limit exposure to these rising threats,” Desai said.

The report highlighted that the Dark Angels’ tactics could signal a trend towards more aggressive ransomware methods, leading to higher demands and increased risks for organisations globally.

Australia Most Affected in APAC

While the United States remains the primary target for ransomware attacks, accounting for almost 50 per cent of all incidents, Australia has also seen a notable rise in attacks. The country experienced a 5.8 per cent increase in ransomware incidents, making it the most impacted country in the Asia-Pacific region. Australia was followed by India, Japan, and Thailand within APAC.

Zscaler’s report also provided a ranking of the top countries targeted by ransomware, with the United States, the United Kingdom, and Germany occupying the top three spots. Australia’s share of global ransomware attacks, while smaller than these countries, still reflects a growing concern for local businesses.

New Ransomware Families and Emerging Threats

The Zscaler ThreatLabz team identified 19 new ransomware families during the analysis period, bringing the total number to 391 since tracking began. Among the most active ransomware families, LockBit accounted for 22 per cent of attacks, followed by BlackCat (also known as ALPHV) at 9 per cent and 8Base at 8 per cent.

Looking ahead, ThreatLabz predicts that Dark Angels, LockBit, BlackCat, Akira and Black Basta will be among the top ransomware groups to watch over the next year.

Impact on Organisations

Ransomware attacks continue to evolve, presenting significant risks to businesses across all industries. According to Zscaler’s findings, the number of victim companies listed on data leak sites has increased by nearly 58 per cent since the last report.

“Organisations cannot afford to overlook the importance of a proactive defense strategy,” said Desai. “With the rise in Ai-powered attacks and sophisticated ransomware-as-a-service models, companies need to adopt Zero Trust architecture to protect themselves against potential breaches.”

The Role of Zero Trust in Ransomware Defense

Zscaler emphasised the importance of adopting a Zero Trust security framework to minimise the risks associated with ransomware. The company’s platform helps businesses stop ransomware at various stages of an attack, including minimising the attack surface, preventing initial compromise, and eliminating lateral movement within networks.

Zscaler’s platform utilises advanced techniques such as TLS/SSL inspection, browser isolation, and inline sandboxing to detect and block ransomware before it can cause damage. These measures, combined with policy-driven access controls, ensure that organisations are better protected against data theft and other malicious activities.

Global Trends and Key Takeaways

The Zscaler report provided insights into global ransomware trends, highlighting a surge in attacks across several countries. The United States saw a staggering 93 per cent increase in attacks, followed by Italy at 78 per cent and Mexico at 58 per cent.

For Australian businesses, the focus remains on enhancing security measures to address the evolving threat landscape. The transportation, manufacturing, and real estate sectors are likely to remain prime targets, but all industries should stay vigilant.

To better understand these risks and the best practices for ransomware defense, Zscaler encourages organisations to download the full 2024 Ransomware Report. The report provides in-depth analysis and recommendations for improving cybersecurity posture in the face of growing ransomware threats.

Methodology

Zscaler’s report was compiled using data from multiple sources between April 2023 and April 2024. The company’s global security cloud processes over 500 trillion signals daily, blocking 9 billion threats and delivering more than 250,000 security updates every day.

Through its ThreatLabz team, Zscaler works with law enforcement and security agencies worldwide, contributing to significant actions like Operation Duck Hunt and Operation Endgame, which targeted cybercriminal groups.

About Zscaler

Zscaler is a global leader in cloud security, providing solutions that protect organisations from cyberattacks and data breaches. Its Zero Trust Exchange platform connects users, devices, and applications securely across any location, helping businesses navigate the challenges of digital transformation while maintaining a robust security posture.

Last Updated on October 18, 2024 by Nick Ross