How cyber-crime has become organised warfare | Four Corners

A massive cyber attack on Latitude Financial has put the personal details of millions of Optus customers at risk, showing the scale and severity of modern cybercrime that operates like a business.

Australia is facing a wave of cyber attacks, with a significant monetary impact on businesses. The intense stress of these incidents raises concerns for both individuals and corporate entities, whose operations are threatened by organized crime resembling the mob.

Cyber gangs targeting Australia are organized and operate globally, often from safe havens like Russia, adopting business-like structures that allow them to maximize their efforts and evade capture. Authorities warn that more attacks are anticipated, pushing for a proactive approach to combat these threats.

Cybersecurity analysts continuously monitor for signs of attacks, identifying threats early and engaging in a cat-and-mouse game against attackers. Australia's cybersecurity reputation is under siege as incidents grow in frequency and sophistication.

Ransomware and data theft are the primary methods used by cyber extortion gangs, with a notable attack on Medibank highlighting the potential fallout of data breaches and the challenges of negotiating with perpetrators.

Following the Medibank hack, the team focused on containment and investigation but faced daunting threats from hackers aiming to extort money by releasing sensitive medical data. Victims felt the distress as personal health information became compromised.

The refusal to pay ransoms can be a stance against future attacks, as hack investigations reveal attackers often operate through complex networks that include affiliated hackers and lesser-known groups manipulating ransomware technologies.

The internal dynamics of cybercriminal organizations resemble corporate structures, leading to brutal efficiency in operations, where traditional management issues like employee incentives clash with ongoing criminal activity.