Globally, ransomware damage costs are predicted to exceed $265 billion by 2031, with ransom payments surpassing $1 billion last year. Despite the risks, many organisations pay ransoms, as shown by a hacking group demanding $12 million from the Indonesian government.
Research reveals 73% of Australian organisations impacted by ransomware pay the ransom. However, paying may not guarantee data recovery, as seen with cases like the Indonesian government refusing to pay. Australia might soon ban ransom payments, forcing organisations to find alternative solutions.
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