Unfortunately, this is the new world that we live in. The Medibank breach is a huge wake-up call that shows the need for an overhaul of information and privacy protection. From here on in, companies must be aware that they're under relentless cyber-attack. Australia's institutions are generally well prepared but can do even more to safeguard classified information.
Cybersecurity isn't taken seriously enough in either the public or private sector. Most business leaders believe that their enterprises are safe from harm, but the truth is far less comforting. In a 2021 study, a staggering 63% of businesses said they had experienced a cyberattack. The hidden cost isn't the value of the stolen information but losing the customer's trust — and the impact that may have on the attacked company's share value.
There is a 41% chance the US executive branch will attempt to ban or otherwise further limit ransomware payments in 2022, according to the Metaculus Prediction Community.