* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Thursday, October 23, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Reba McEntire Details Personal Relationship With Late Stepson Brandon Blackstock – KNDU

    Reba McEntire Shares Emotional Tribute to Her Late Stepson Brandon Blackstock

    Sacramento city leaders approve adding 2 entertainment zones in midtown – CBS News

    Sacramento City Leaders Approve Two Thrilling New Entertainment Zones in Midtown

    AMC brings first new Dolby Experience to Gwinnett since 2017 – Wyoming News Now

    AMC Launches First New Dolby Experience in Gwinnett Since 2017

    Hetzel Design: blending architecture and entertainment – Blooloop

    Hetzel Design: Where Architecture and Entertainment Unite in Perfect Harmony

    Country music legend rushed to hospital year after heart surgery. Here’s what we know – PennLive.com

    Country Music Legend Rushed to Hospital One Year After Heart Surgery – What’s Happening Now?

    Strictly Come Dancing results: Chris Robshaw is eliminated while drag queen La Voix escapes dance-off – Yahoo

    Strictly Come Dancing results: Chris Robshaw is eliminated while drag queen La Voix escapes dance-off – Yahoo

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Rydberg Technologies Inc. Announces Launch of Rydberg Photonics in Berlin – The Quantum Insider

    Rydberg Technologies Launches Exciting New Photonics Division in Berlin

    A look into new technology at Columbia University that could help prevent a dangerous pregnancy complication – ABC7 New York

    A look into new technology at Columbia University that could help prevent a dangerous pregnancy complication – ABC7 New York

    Office Technology: Dealers’ Managed IT Revenue up Nearly 30% – The Cannata Report –

    Office Technology: Dealers’ Managed IT Revenue up Nearly 30% – The Cannata Report –

    3 E Network Technology Group Limited Closes $1.5 Million Convertible Promissory Note Offering – Quiver Quantitative

    3 E Network Technology Group Limited Closes $1.5 Million Convertible Promissory Note Offering – Quiver Quantitative

    3 Technology Stocks to Buy Now – Yahoo Finance

    3 Must-Buy Tech Stocks You Can’t Afford to Miss Right Now

    ‘New frontier’: Austin leaders start discussions on air taxi technology – KXAN Austin

    Austin Leaders Ignite Exciting Conversations on the Future of Air Taxi Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Reba McEntire Details Personal Relationship With Late Stepson Brandon Blackstock – KNDU

    Reba McEntire Shares Emotional Tribute to Her Late Stepson Brandon Blackstock

    Sacramento city leaders approve adding 2 entertainment zones in midtown – CBS News

    Sacramento City Leaders Approve Two Thrilling New Entertainment Zones in Midtown

    AMC brings first new Dolby Experience to Gwinnett since 2017 – Wyoming News Now

    AMC Launches First New Dolby Experience in Gwinnett Since 2017

    Hetzel Design: blending architecture and entertainment – Blooloop

    Hetzel Design: Where Architecture and Entertainment Unite in Perfect Harmony

    Country music legend rushed to hospital year after heart surgery. Here’s what we know – PennLive.com

    Country Music Legend Rushed to Hospital One Year After Heart Surgery – What’s Happening Now?

    Strictly Come Dancing results: Chris Robshaw is eliminated while drag queen La Voix escapes dance-off – Yahoo

    Strictly Come Dancing results: Chris Robshaw is eliminated while drag queen La Voix escapes dance-off – Yahoo

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Rydberg Technologies Inc. Announces Launch of Rydberg Photonics in Berlin – The Quantum Insider

    Rydberg Technologies Launches Exciting New Photonics Division in Berlin

    A look into new technology at Columbia University that could help prevent a dangerous pregnancy complication – ABC7 New York

    A look into new technology at Columbia University that could help prevent a dangerous pregnancy complication – ABC7 New York

    Office Technology: Dealers’ Managed IT Revenue up Nearly 30% – The Cannata Report –

    Office Technology: Dealers’ Managed IT Revenue up Nearly 30% – The Cannata Report –

    3 E Network Technology Group Limited Closes $1.5 Million Convertible Promissory Note Offering – Quiver Quantitative

    3 E Network Technology Group Limited Closes $1.5 Million Convertible Promissory Note Offering – Quiver Quantitative

    3 Technology Stocks to Buy Now – Yahoo Finance

    3 Must-Buy Tech Stocks You Can’t Afford to Miss Right Now

    ‘New frontier’: Austin leaders start discussions on air taxi technology – KXAN Austin

    Austin Leaders Ignite Exciting Conversations on the Future of Air Taxi Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Three-quarters of Australian businesses still view ransom payments as a way out

November 16, 2023
in Business
Three-quarters of Australian businesses still view ransom payments as a way out
Share on FacebookShare on Twitter

McGrathNicol Advisory launched the findings of its third annual ransomware survey, revealing that 56 percent of Australian businesses have suffered a ransomware attack in the past five years: 42 percent of medium and large businesses have fallen victim to a single attack, while 14 percent have been targeted multiple times. Of those that did suffer an attack, close to three quarters (73 percent) chose to pay the ransom demand.

Now in its third year, McGrathNicol Advisory’s Ransomware Survey provides an authoritative barometer of the ransomware threat to Australian businesses. McGrathNicol partnered with YouGov to survey 500 Australian business owners, partners, directors and C-Suite leaders across businesses with 50 or more employees. The five-year ransomware average is down from a high of 69 percent in 2022, but remains well above the 31 percent recorded in 2021 when McGrathNicol started tracking these results.The findings suggest that cyber criminals hit a ransomware peak last year and have diversified to other forms of cyber extortion in 2023.

The proportion of business leaders who reported that they made a ransomware payment declined slightly year-on-year, from 79 percent in 2022 and 83 percent in 2021, but has remained high despite government pressure and regulatory scrutiny. Australian organisations are acquiescing quickly: 74 percent of executives reported paying the ransom within 48 hours while almost two in five (37 percent) made the payment within 24 hours. This is consistent with previous years, with 78 percent of companies surveyed in 2022 reporting that they paid within 48 hours, and 74 percent in 2021.

Overall, the estimated average cyber ransom paid was $1.03 million, on par with $1.01 million in 2022 and $1.07 million in 2021. This figure is still lower than the average amount that business leaders would be willing to pay ($1.32 million). Despite consistent government advice against doing so, 70 percent of surveyed businesses (including those yet to experience an attack) said they would be willing to pay a ransom. This suggests that ransom payments are seen as a legitimate option by most Australian executives and have already been factored in as a cost of doing business.

Australian businesses soften on reporting

The 2023 McGrathNicol survey found that executives’ attitudes to reporting ransom payments to authorities have also softened. In 2022, 75 percent of surveyed executives believed that it should be mandatory for an Australian business to report a ransomware attack to the authorities—with almost three in five (56 percent) believing that it should be reported regardless of whether a ransom payment is made. However, this trend has reversed in 2023, with only 60 percent of executives saying they support mandatory reporting and less than half (46 percent) saying an attack should be reported even if a ransom hasn’t been paid.

A closer look at payment motivations provides further insight. The research found that three quarters of business leaders (74 percent) cite external risks as the reason for paying a cyber ransom, including to minimise potential harm to stakeholders, reduce brand damage, and to avoid sensitive information being leaked. As attacks become more commonplace, executives’attitudes towards ransomware payments from businesses in their supply chain are also easing: 83 percent of executives say knowledge of a payment from a business they are associated with would negatively impact their perception of that business. This is down from 91 percent in 2022 and 90 percent in 2021. 

These drivers help to explain the high proportion of organisations that attempt to negotiate with cybercriminals. This year, two in three (66 percent) negotiated prior to making a ransom payment, up from 59 percent in 2021 but down from a high of 74 percent in 2022.

Darren Hopkins, Cyber Partner at McGrathNicol Advisory, said:“Businesses are still overwhelmingly paying ransoms, and paying them quickly, to avoid negative backlash from customers, partners and stakeholders. It’s now being factored in as a cost of doing business. The research shows that executives are becoming empathetic and less hard-nosed about reporting these attacks to authorities. But without greater collaboration and knowledge-sharing, our ability to prevent ransomware attacks is undermined. This intelligence can help business leaders make informed decisions rather than rushing into paying an expensive, and potentially illegal, ransom.”

One noteworthy finding suggests that businesses might be overly confident in their ability to respond to ransomware attacks. A significant 88% of executives believe their organizations are adequately “prepared,” marking a substantial uptick from 78% in the previous year. However, this confidence appears to be somewhat inflated, as only three in five organizations (61%) have developed a concrete cyber incident response plan. Furthermore, 18% of business leaders remain uncertain about the existence of such a plan, highlighting potential gaps in preparedness.

Another significant revelation pertains to the perception of cyber insurance among businesses. A notable 80% of surveyed businesses deem their cyber insurance policy as good value, with 64% expressing that their policy provides a sense of peace of mind. Among executives, 44% attribute this positive perception to the crucial role of a cyber insurance payout in safeguarding their businesses financially.

The survey also underscores the persistent threat posed by email phishing in the realm of ransomware. Email fraud or ‘business email compromise’ maintained its status as the most common mode of entry, representing 30% of all ransomware attacks in 2023. This figure aligns with the observed prevalence in 2022, remaining a consistent and formidable cybersecurity challenge.

Blare Sutton, Cyber Partner at McGrathNicol Advisory, added: “The growing acceptance of ransomware payments indicates that the threat is becoming normalised. However, this isn’t making businesses safer, it is merely continuing to fund the activities of cyber criminals who are evolving and diversifying their attacks.”

Keep up to date with our stories on LinkedIn, Twitter, Facebook and Instagram.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Dynamic Business – https://dynamicbusiness.com/topics/technology/technology-security/three-quarters-of-australian-businesses-still-view-ransom-payments-as-a-way-out.html

Tags: AustralianbusinessThree-quarters
Previous Post

Redesigning your organisation to deliver value

Next Post

OpenAI pauses new signups to manage overwhelming demand

UIPM 2025 Obstacle World Championships (OCR): All you need to know – Union Internationale de Pentathlon Moderne (UIPM)

Everything You Need to Know About the 2025 Obstacle World Championships (OCR)

October 23, 2025
PPPs in Bolivia: The future of our economy? – Dentons

Could PPPs Unlock Bolivia’s Path to Economic Prosperity?

October 23, 2025
Reba McEntire Details Personal Relationship With Late Stepson Brandon Blackstock – KNDU

Reba McEntire Shares Emotional Tribute to Her Late Stepson Brandon Blackstock

October 23, 2025
Mark Peterson receives inaugural APSA Career Achievement Award in Health Politics and Policy – UCLA

Mark Peterson receives inaugural APSA Career Achievement Award in Health Politics and Policy – UCLA

October 23, 2025
GOP senator accuses Dems of playing politics with people’s lives: ‘This is a crime’ – Fox Business

GOP Senator Slams Democrats for Playing Politics with People’s Lives: ‘This Is a Crime

October 23, 2025
Forest cover enhances pest control by birds and bats independently of vineyard management intensity – besjournals

Forest cover enhances pest control by birds and bats independently of vineyard management intensity – besjournals

October 22, 2025
November Family Consumer Science Program – Alachua County

November Family Consumer Science Program – Alachua County

October 22, 2025
Correction: Anti-Science Movement story – The News-Gazette

Unraveling the Truth Behind the Anti-Science Movement: A Closer Look

October 22, 2025
Best Burgers 2025: 9 cult-favorite burgers off the beaten path – Yahoo

Best Burgers 2025: 9 cult-favorite burgers off the beaten path – Yahoo

October 22, 2025
Rydberg Technologies Inc. Announces Launch of Rydberg Photonics in Berlin – The Quantum Insider

Rydberg Technologies Launches Exciting New Photonics Division in Berlin

October 22, 2025

Categories

Archives

October 2025
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Sep    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (881)
  • Economy (903)
  • Entertainment (21,774)
  • General (17,751)
  • Health (9,944)
  • Lifestyle (915)
  • News (22,149)
  • People (903)
  • Politics (913)
  • Science (16,113)
  • Sports (21,402)
  • Technology (15,882)
  • World (886)

Recent News

UIPM 2025 Obstacle World Championships (OCR): All you need to know – Union Internationale de Pentathlon Moderne (UIPM)

Everything You Need to Know About the 2025 Obstacle World Championships (OCR)

October 23, 2025
PPPs in Bolivia: The future of our economy? – Dentons

Could PPPs Unlock Bolivia’s Path to Economic Prosperity?

October 23, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version