The Australian Cyber Security Centre estimates ransomware attacks cost the national economy more than 2.5 billion dollars every year, with the average business losing around 250,000 dollars. That figure does not include the operational downtime or the long term loss of customer trust.
If your business is not already investing in cybersecurity, now is the time to act. Here is what you need to know about ransomware, how it works and how to protect your business.
What is ransomware, and how does it work
Data breaches are the first step of a randsomwear cyber breach, and the list in Australia is extensive.
Ransomware is a form of malicious software that locks your systems and encrypts important data. Once inside, cybercriminals demand payment in exchange for restoring access. Some attackers also threaten to release private information if the payment is not made.
A major example in Australia was the Optus data breach in 2022, where attackers accessed tens of thousands of Medicare numbers and demanded a million dollar payment. In that case, the demand was withdrawn, but not before thousands of customer records were leaked online and 10% of customers left.
These types of attacks can shut down business operations and expose you to serious legal and financial consequences.
Why ransomware is a growing risk for Australian businesses
Ransomware is no longer just an IT issue. It is a business issue. It affects customer trust, compliance, productivity and your bottom line. Unlike other threats, ransomware spreads quickly and can lock out entire networks. Once inside, the damage can be difficult and expensive to undo.
If your business handles customer data, financial records or relies on digital systems to operate, you are at risk.
How to protect your business from ransomware
Cybersecurity for businesses is about building smart layers of defence. These five steps will help reduce the risk of a ransomware attack:
1. Keep systems and software updated
Always install updates as soon as they are available. Outdated software often has gaps that criminals look for.
2. Back up your data securely
Store backups offline or in a secure cloud environment. Test them often to make sure you can recover quickly if needed.
3. Train your team
Many attacks begin with one wrong click. Help staff recognise suspicious links, fake emails and unsafe downloads with regular training.
4. Prepare an incident response plan
Know what to do if an attack happens. Assign roles, set up contact lists and rehearse what actions to take.
5. Use multiple layers of security
Tools like antivirus protection, firewalls, encryption and identity checks work better together. A layered approach strengthens your defence.
Stay ahead of ransomware in 2025
Cybercriminals are getting more advanced. Many are now using artificial intelligence to create more targeted attacks.
The good news is that ransomware can be prevented. With the right tools, the right training and the right investment in security, your business can stay protected.
Need to upgrade your cybersecurity tools?
grenke helps Australian businesses finance the technology needed for better protection. From servers to security software, we make it easier to invest in the right setup without the upfront cost.
