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A rise in ransomware incidents and the spread of artificial intelligence are seen as potential data risks to Australia’s critical infrastructure organisations, a new report shows. The news comes as new cybersecurity rules under the Critical Infrastructure Security Act 2018 come into effect in August 2024.
this 2024 Data Threat Report Critical Infrastructure EditionResearch by technology group Thales has found that ransomware incidents are on the rise at critical infrastructure organisations around the world – even as those organisations explore applications of artificial intelligence and data risks.
In a conversation with TechRepublic, Erick Reyes, Thales’ ANZ data security director, said ransomware attackers are most likely to target critical infrastructure organizations that hold critical data. He recommended taking a multi-layered approach to security and making it a fundamental part of technology development.
Critical infrastructure organizations struggle with ransomware and AI
The Thales report found that across all global markets surveyed, 42% of critical infrastructure organizations had been breached at some point in the past – 7% lower than all industries. Just 15% had been breached in the past 12 months, down from 22% in the 2021 survey.
Ransomware on the rise, but preparation is inadequate
24% of global critical infrastructure organizations report that they have experienced a ransomware attack in the past, a 4% increase from 2022. Globally, only 15% of surveyed organizations have a formal response plan in place for a ransomware attack, 5% lower than all industries.
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Data breaches: Often caused by human error
Human error led to 34% of critical infrastructure cloud data breaches, 4% higher than the average for all industries. Failure to apply multi-factor authentication to privileged accounts was also a serious problem, leading to 20% of breaches, 6% higher than the average for all other industries combined.
Despite risks, AI adoption continues
26% of critical infrastructure organizations plan to integrate AI into their core products in the next year. Thales said that while critical infrastructure is most concerned about managing the rapid environmental and operational risks posed by emerging technologies (69%), AI adoption is still ongoing.
Ransomware has become a global problem
Reyes said Australian critical infrastructure organisations surveyed for the 2024 Data Threat Report, as well as others in the market, reported similar feedback to their global counterparts. This was particularly true when it came to ransomware threats.
He said the value of the data held by these organizations is a key driver for cybercriminals.
“For critical infrastructure organisations in Australia, once you’re handling very critical data then you become a prime target for cyber criminals,” he explained.
What keeps most people awake at night?
Australia’s critical infrastructure organisations are also beginning to embrace AI.
Reyes said most critical infrastructure organizations, from telecommunications providers to the transportation and logistics sectors, have been investing in AI technologies in recent years. They are seeking to improve operational efficiency, save costs and innovate.
The drive for innovation is pushing organizations to rapidly adopt AI. “Whether cybersecurity teams are ready for the challenges that are coming is the question that keeps most people up at night,” Reyes said.
The SOCI Act helps ensure the security of Australia’s critical infrastructure
Improved regulation could drive greater security for Australia’s critical infrastructure organisations.
Australia introduced a new SOCI Act in 2018
this Critical Infrastructure Security Act of 2018The Critical Infrastructure Risk Regulation Act was amended in 2020 to expand the definition of critical infrastructure to a wider range of industries, including financial services, healthcare, higher education, and data storage and processing.
Cybersecurity is a key concern for organizations under the SOCI Act. New rules coming in August 2024 Requires critical infrastructure entities to establish and maintain a cybersecurity framework appropriate to their level of maturity for protecting data as part of a broader risk management program.
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Raising compliance standards makes violations more difficult
The Thales report shows a strong correlation between compliance outcomes and fewer breaches: Among critical infrastructure respondents who said they had failed a compliance audit in the past 12 months, 84% reported having experienced some breaches in their history.
In contrast, among critical infrastructure organizations that have not failed a compliance audit, only 17% have a history of breaches, and only 2% have experienced a breach in the past 12 months.
Can further improve safety
The SOCI Act could mean more positive outcomes for critical infrastructure security. Reyes said some industries that are less reliant on operational technology, such as financial services, are leading the way in data protection, while more traditional industries with operational technology are still catching up.
He added that as operational technology merges with IT, OT is increasingly being targeted by cybercriminals. While traditional critical infrastructure organizations are moving toward better security through greater knowledge and awareness, Reyes warned, “We’re not there yet.”
What Australian organisations should focus on
Mr Reyes said Australia’s critical infrastructure organisations had to focus on security.
“They know it’s important; they know what they need to do; they know what good cyber modeling looks like,” he said. “Now it’s more about how they can be proactive and ask themselves how they can go one step further so that if something does happen, they know that the critical assets they have can be protected.”
Designing for safety as part of the future
DevSecOps provides a valuable framework for organizations when dealing with both the IT and OT aspects of critical infrastructure. Reyes stressed not to underestimate the requirement for good security practices throughout the process.
Multi-layered CI safety approach
While edge security through identity management is important, Reyes said critical infrastructure organizations will increasingly need to think multi-dimensionally about how to protect critical assets. This starts with understanding what assets they must protect, why they must protect them, and then managing those risks.
Reyes mentioned that supply chain risks and emerging technologies such as artificial intelligence or quantum computing (areas where NIST recently released new standards) are factors that critical infrastructure providers must consider as part of a multi-layered approach.
Turning knowledge into initiative
The 2024 Data Threat Report concludes that critical infrastructure companies must take proactive measures within their control. This may involve implementing formal ransomware response measures to successfully comply with audit regulations.
“New technologies such as 5G, cloud, IAM and GenAI are expected to improve efficiency when incorporated into CI operations. Higher expectations and increased commitment to operational resilience and reliability will drive enterprises to improve security and reduce vulnerability,” the report said.
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