Though ransomware is not new in the cybersecurity space, its implications can have substantial impact on businesses. In 2020, it has made headlines recently with hacks to Toll Holdings and Travelex.
After being targeted by the Mailto ransomware, global logistics giant Toll Holdings has had a difficult few weeks. The attack compromised around 1,000 systems, forcing Toll offline, and ultimately disrupting global service delivery. The event also created a significant management overhead in terms of handling the incident and managing the business without the usual assistance of core IT systems and processes. For example, Toll subsequently increased staffing at contact centres to assist with customer service.
The fact that Toll was hit by ransomware is unsurprising. Not because they were unprepared; in fact they appear to have been well-prepared to respond to the incident — but more because ransomware is still around and highly effective.
What’s new in ransomware?
Put simply — its level of sophistication. Ransomware and malware are now more likely to be curated and strategic campaigns, and less ‘hit and hope’ style. They test, and sometimes beat, even the biggest companies’ defenses.
A significant aspect of ransomware in 2020 is that it appears to be stealing data before encrypting it, which considerably increases risk. What was once a data access issue, is now also very likely to be a data breach event. With the legal obligations for Australian companies to notify individuals of a data breach, there is even more incentive to focus on the prevention of ransomware attacks.
Who is at risk?
Ransomware attacks are a real threat to business — regardless of size or industry. While the attack on Toll was sophisticated and executed using a new malware variant, unsophisticated attacks will continue.
Realistically, any business is at risk of attack — however mid-sized businesses are particularly vulnerable to these campaigns due to limited resources and defenses.
