Cyberattacks have increased at a rate compared to pre-Covid, both in frequency and sophistication as perpetrators seek to take advantage of the unusual circumstances under which nearly all of us are working.

On 13 July 2021, the Australian Government opened consultation on options for regulatory reforms and voluntary incentives to strengthen the cybersecurity of Australia’s digital economy. It is said that the government is considering cybersecurity reforms to support a growing digital economy and in particular, as a response to a growing threat environment, especially in ransomware.

Ransomware is a type of malware from cryptovirology that threatens to publish the victim’s personal data or perpetually block access to it unless a ransom is paid. Weaker controls on home IT networks and a higher likelihood of users clicking on Covid-19-themed ransomware lure emails are increasing the risk of successful ransomware attacks in the current digital landscape.

Current ransomware lures include information about vaccines, masks and short-supply commodities like hand sanitiser, financial scams offering government assistance payments during the lockdown, free downloads of high demand tech solutions, such as video and audio conferencing platforms, and critical updates to enterprise collaboration solutions and consumer social media applications.

Cybersecurity matters more than ever than covid-19, with some calling the ransomware attacks a digital pandemic. Cybercrime is a growing, highly successful and profitable industry, at a rate of 15 per cent a year to reach US$15 trillion by 2025. In perspective, those figures put the industry as the third greatest “economy” in the world, after those of the US and China.

As such, security measures like multi-factor authentication have evolved and are increasingly being adopted by businesses and governments, and passed onto consumers and individuals as a condition of access to digital and transactional systems. With institutions continually facing cybersecurity challenges, now more than ever global tech talents are in demand across all sectors in Australia.