Australian businesses have been urged to recognise the significant level of ransomware threat from cyber adversaries. Scamwatch has received over 3900 scam reports mentioning the coronavirus with over $3.1 million in reported losses since the outbreak of COVID-19. Ransomware acts as a method of extortion, locking a computer’s content and displaying a message requiring victims to pay a ransom in order for them to regain access. The emails delivering ransomware to Australian victims often mirror the branding of trusted and reputable corporations as part of their techniques.
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