DO NOT PAY THE RANSOM: WHY BUSINESSES ARE WILLING TO PAY
With the national attention on significant data breaches in recent months, between January to June 2022, the Office of the Australian Information Commissioner (OAIC) observed a 14 percent decrease in reported breaches compared to July to December 2021. This appears in contrast to the ACSC Annual Cyber Threat Report 2022 which reported the ACSC received over 76,000 cybercrime reports, an increase of nearly 13 percent from the previous financial year. This equates to one report every 7 minutes, up from 8 minutes last financial year.
In the first half of 2022, the OAIC was notified of 396 data breaches. Of these, 162 notifications (41 percent) were a result of a cyber security incident, of which the top sources were ransomware, phishing and compromised or stolen credentials.
Despite the overall fall in notifications, the data trended upwards in the later part of the period and draws attention to an increase in larger scale breaches and breaches affecting multiple entities. There were 24 data breaches reported to affect 5,000 or more Australians, four of which were reported to affect 100,000 or more Australians. All but one of these 24 breaches were caused by cyber security incidents.
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