July 11, 2020

Volume X, Number 193

July 10, 2020

Subscribe to Latest Legal News and Analysis

July 09, 2020

Subscribe to Latest Legal News and Analysis

July 08, 2020

Subscribe to Latest Legal News and Analysis

Report Finds More than Half of Ransomware Victims Would Pay the Ransom

Telstra’s 2019 Security Report has found that majority of the respondents who have been victims of ransomware attacks have paid the attackers to unlock files. Many of these respondents successfully retrieved their data after paying the ransom.

Of the 320 Australian respondents, 51 per cent said that they had paid ransomware attackers to regain access to encrypted files. Further, the Report found that 77 per cent of Australian businesses that had paid a ransom were able to retrieve their data after making the payment. Whilst this was the lowest rate of data retrieval post-payment out of the 13 countries in the survey, 79 per cent of the Australian respondents still said that they would pay the ransom again if they had no back-up files available.

The Report also found that the number of ransomware attacks on Australian businesses was relatively higher than other developed countries such as the United Kingdom, Germany and France. Thirty two per cent of the Australian respondents indicated that their business had been interrupted ‘on a weekly or monthly basis’ from ransomware attacks.

It explains why ransomware is such a lucrative business for hackers, though we’d recommend having clear and tested backup and recovery processes, and strong cybersecurity measures, as your best fall-back in the event of a ransomware attack – and to save your cryptocurrency for the next market rise!

A copy of the full Report can be accessed here.

Rebecca Gill contributed in this article.

Copyright 2020 K & L GatesNational Law Review, Volume IX, Number 108

TRENDING LEGAL ANALYSIS


About this Author

Cameron Abbott, Technology, Attorney, Australia, corporate, KL Gates Law Firm
Partner

Mr. Abbott is a corporate lawyer who focuses on technology, telecommunications and broadcasting transactions. He assists corporations and vendors in managing their technology requirements and contracts, particularly large outsourcing and technology procurements issues including licensing terms for SAP and Oracle and major system integration transactions.

Mr. Abbott partners with his clients to ensure market leading solutions are implemented in to their businesses. He concentrates on managing and negotiating complex technology solutions, which...

+61.3.9640.4261
Rob Pulham Corporate Attorney K&L Gates
Special Counsel

Rob Pulham is an experienced corporate advisory and transactional lawyer with an active technology and privacy practice representing companies in the energy, manufacturing, mining, retail, health and financial services sectors, as well as government and not for profit organisations. He has extensive experience advising customers and vendors in the technology industry, with particular focus on software licensing, data privacy and protection, and systems integration projects. In his role as a senior corporate lawyer, Mr. Pulham reviews organisational policies and practices regarding data privacy to identify key risks, develops and implements strategies to mitigate privacy and cybersecurity risks, and advises clients in the investigation of, and response to, data breaches.

Mr. Pulham also serves as a strategic advisor to his clients, regularly advising on large outsourcing and technology procurement matters including negotiating software licensing terms with ERP and CRM vendors such as Oracle, SAP and Salesforce, and on major systems integration transactions. He advises his clients on all facets of their technology practices, procurement and needs, including key technology procurement requirements and licensing issues (acting for both customer and service provider clients), marketing and advertising in compliance with Australian competition and consumer laws, website content and terms of use, and general commercial intellectual property and software licensing matters.

61-3-9640-4414