Ransomware attacks are on a steep upward trend and the gradient isn't softening its progression. In Q3 2020, ransomware attacks have increased globally by 40% to 199.7 million cases. In the U.S. alone, attacks have increased by 139% year-over-year, totaling 145.2 million cases in Q3 2020. The impetus to the sudden recent spike in ransomware attacks, was the dramatic shift from a linear attack model, to an insidious multi-dimensional Ransomware as a Service model.

Data breaches in Australia are on the rise, particularly in the financial and healthcare industries. In an effort to DISRUPT this pernicious trend, the Australian government is revising its cybersecurity frameworks and policies to strengthen resilience against nation-state threat actors. But Australian businesses cannot solely rely on the government's cybersecurity initiatives. Even the Australian Signals Directorate (ASD) admits that proposed security frameworks only raise the baseline of security.

The Australian Cyber Security Center (ACSC) strongly advises against paying ransoms of any amount to cybercriminals. In some circumstances, these payments could even be illegal. The Australian government is tightening its cybersecurity regulations to align with the United State's new stance on nation-state threats. As a result, there have been significant changes to how Australian businesses are expected to respond to cyberattacks.

In an effort to significantly improve the cyber resilience of Australian businesses, the Australian federal government is mandating compliance across all eight cybersecurity controls of the Essential Eight framework. This is an ambitious move that may be burdensome to the many entities still struggling to comply with just the top four controls of the Essential Eight.

In an ambitious leap towards improving the Nation’s security posture, President Joe Biden has instituted an Executive Order to improve cyber threat information sharing between the U.S Government and the Private Sector. The goal is to align cybersecurity initiatives and minimize future threats to national security by modernizing cybersecurity defenses in the United States.

If you're an Australian business and confused about which cybersecurity frameworks you should be complying with, you're not alone. Unlike the United States, Australia currently doesn't have clear mandatory minimum cybersecurity standards for businesses. This is likely to change in the near future. The Australian government is being pressured to follow the United State's lead in lifting the Nation's security posture.

Data loss refers to the unwanted removal of sensitive information either due to an information system error, or theft by cybercriminals. Data leaks are unauthorized exposures of sensitive information through vulnerabilities on the digital landscape. Data leaks are more complex to detect and remediate, they usually occur at the interface of critical systems, both internally and throughout the vendor network.

Prudential Standard CPS 234 Information Security (CPS 234) is an APRA prudential standard. Australian Prudential Regulation Authority’s (APRA) mission is to establish and enforce prudential standards designed to ensure that, under all reasonable circumstances, financial promises made by its regulated entities are met within a stable, efficient, and competitive financial services sector.

Inherent risks include all risks that are present without any security controls. Residual risks are the risks that remain after security controls are implemented. Residual risks are inevitable. Even with an abundance of security controls, vestiges of residual risks will remain that could expose your sensitive data to cyber attacks.This is because the proliferation of digital transformation expands the digital landscape, creating more attack vectors.

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