Ransomware is a common and dangerous type of malware. It works by locking up or encrypting your files so you can no longer access them.
A ransom, usually in the form of cryptocurrency, is demanded to restore access to the files. Cybercriminals might also demand a ransom to prevent data and intellectual property from being leaked or sold online.
Ransomware can cause severe damage to both individuals and organisations. You could face significant downtime while you restore your devices and data to their original state.
If you don’t have a backup, it could be impossible to recover your files.
Downtime or data loss can hurt your reputation, and cost you money.
Ransomware can infect your devices in the same way as other malware or viruses. For example:
Common signs you may be a victim of ransomware include:
How backing up saved a business from ransomware.
Ransomware can happen to anyone, anywhere, at any time, and for one business, it did. With assistance provided by the Australian Cyber Security Centre (ACSC), the business recovered from the attack, files intact and avoided months in downtime.
Gerri, who worked at a small design firm, noticed one morning she could not access a design file. The file extension was different and the icon was a blank page rather than the usual logo. Suspecting something, she raised it with her colleague Simon.
Simon decided to look at all the files on their server and noticed in real time that their files were being encrypted randomly, making them unusable.
“We actually caught it happening and then I pulled the plugs on everything and managed to save a lot,” said Simon.
A .txt file titled ‘Read Me’ popped up – it was a note sent by a cybercriminal saying the files were encrypted with ransomware. The note demand a ransom in cryptocurrency to unlock them.
Simon took a screenshot of the ransom note and ran anti-malware and anti-virus on all their machines. He quickly called the Australian Cyber Security Hotline on 1300 CYBER1 to report the ransomware attack and seek advice about how to recover.
Luckily, the business was following ACSC best practice advice and kept regular backups of their work to cloud servers and external drives, as well as a Network Attached Storage device.
Due to Simon’s quick thinking and awareness, he was able to save the majority of their files; however, they lost some newer files that were encrypted by the ransomware.
The business consulted an IT professional, who reformatted their systems to ensure there was no trace of ransomware on their networks, as well as updated their anti-virus software.
Unfortunately, the encrypted files could not be recovered, taking the business an additional 2 weeks to recreate the lost work and to get all the systems back up and running.
“The downside was having to reload the software onto the systems, which took hours for some.” said Simon.
However, if it was not for the backups made prior to the attack, the situation could have been much more severe.
“Backup all your stuff daily… if it wasn’t for that we would have been stuck for months.” said Simon.
The ACSC has updated its ransomware guidance to help Australian individuals and businesses protect themselves and respond to a ransomware attack.
The ACSC is here to help all Australians impacted by cyber incidents. ACSC cyber security advice and assistance is available 24/7 through the Australian Cyber Security Hotline (1300 CYBER1) and through ReportCyber.
Never pay a ransom
There is no guarantee you will regain access to your information, nor prevent it from being sold or leaked online. You may also be targeted by another attack.
The practical guides below will help you to protect yourself against ransomware attacks and tell you what to do if you’re held to ransom.
If you get stuck
Previously, electronic invoicing still required manual touchpoints. Today that process is far more streamlined and automated – a process allowing for the digital exchange of invoice information between suppliers and buyers.
Printing, posting or emailing paper-based or PDF invoices are no longer required and manually entering data or scanning invoices is a thing of the past. Many systems allow users to connect and transact almost immediately with others in the same network.
It’s not simply emailing scanned or formatted invoices – systems which still require a manual touchpoint. Nor is it a system which automatically matches invoices to purchases. And finally, it can’t automatically pay invoices – although it does significantly speed up the process for users.
This transition can be tough for some businesses, particularly suppliers that have become accustomed to a certain way of work. Or even some who would consider themselves fully ‘digital’ after moving to a PDF or scan-based invoicing model. But the benefits of eInvoicing outweigh the change.
eInvoicing aims to standardise the way information is structured and exchanged between two or more parties. Furthermore, it can enable cross-border digital exchange of procurement documents providing rich actionable data.
In Australia, Peppol is used as the standard framework for eInvoicing. The system is an international eProcurement framework which aims to offer an efficient, accurate and secure way to transact.
Perhaps the most significant benefit of eInvoicing is its impact on the bottom line for many SMBs. Gone are the financial and productivity costs of reams of paper or endless emails. Gone are the storage costs associated with keeping boxes of documents. And in many cases SMBs get paid much quicker which can improve cash flow and lead to other benefits.
In Australia more than 1.2 billion invoices are exchanged every year, according to the Australian Taxation Office. Traditional invoices can cost up to $30 to process – while the same cost for eInvoicing can be as little as $10. The opportunity eInvoicing offers could save the economy $28 billion over the next ten years.
eInvoicing users enjoy reduced transaction times compared with other means. This helps them run their daily operations more efficiently at a time when SMBs need as much help as they can get. That’s the feedback we’re getting directly from small businesses.
COVID-19 was the tipping point many Australian businesses needed to finally take that next step into the digital. We worked closely with many small business owners during that time to ensure they were making the most of the benefits offered by digitisation. That included payments — a critical part of the operations of all businesses, no matter their size.
The most significant benefit of eInvoicing is its impact on the bottom line for many SMEs. Gone are the financial and productivity costs of reams of paper or endless emails — ANZ
That work continues today. It’s never too late to go digital and the benefits are manyfold, especially for the crucial smaller business sector. With SMEs making up 32 per cent of Australia’s GDP and employing 41 per cent of Australia’s workforce, when SMBs grow, Australia grows.
We believe eInvoicing is an essential part of this growth towards digitisation, cost efficiency and fraud reduction. We see it as good for our suppliers and we are looking at ways to extend this same capability to our customers.
In our experience eInvoicing is a reliable and secure way of transmitting data. It is less error-prone and helps avoid common pitfalls associated with email security, such as scams and phishing.
eInvoicing systems operate through the use of ‘access points’, or approved service providers that aim to prevent, detect and mitigate fraud.
It’s also good for the planet as it saves on material costs and reduces environmental impacts through less printing and physical delivery.
Indeed research from PwC suggests 5,000 tonnes of carbon could be prevented from reaching the atmosphere by dispensing with paper invoices.
We have seen a significant shift in attitudes toward eInvoicing since the beginning of the pandemic.
Ultimately the benefits extend beyond SMBs – it is good for larger businesses too.
We’ve watched with excitement the uptake of eInvoicing among both our client base and elsewhere. And we see a big opportunity for further adoption in Australia and around the region.