Ransomware: Rising Threats and Resilience —

Average ransomware payment soars to $1.35 million, as Australian businesses increasingly willing to pay.

For the fourth year, McGrathNicol has created an authoritative barometer of the ransomware threat in Australia. We have partnered with YouGov to survey over 500 Australian business owners, partners, directors and C-Suite leaders of businesses with more than 50 employees. This year’s findings reveal the ransomware threat has become increasingly ‘normalised’, as the majority of businesses have now suffered an attack and chosen to pay a ransom.

In the past five years, 69% of businesses have experienced a ransomware attack, a notable increase from 56% in 2023. This sharp rise underscores the urgency for businesses to develop robust strategies for responding to ransomware incidents. Alarmingly, of those affected by ransomware in the past five years, 84% opted to pay the ransom with the average payment now soaring to $1.35 million (up from $1.03 million in 2023). The research shows that 83% of businesses, including those yet to experience an attack, would be ‘willing’ to pay a cyber ransom. These trends highlight the significant financial burden cyber attacks place on organisations. The survey aims to empower boards and executives to make more informed decisions when confronted with the ransomware reality.
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