Australian gold mining firm Evolution Mining recently reported a ransomware attack on its IT systems, identified on August 8, 2024.
In a Monday filing with the Australian Securities Exchange (ASX), the company stated that the incident was contained.
"The incident has been proactively managed with a focus on protecting the health, safety and privacy of people, together with the company's systems and data," Evolution Mining confirmed.
The company has engaged external cyber forensic experts and notified the Australian Cyber Security Centre (ACSC) of the incident.
Despite the disruption, Evolution Mining does not foresee any significant impact on its operations. The company's most extensive operations are concentrated on the east coast of Australia, including mines in New South Wales and Queensland and the Red Lake mine in Canada.
Given its sizable output, which included over 650,000 ounces of gold and 1.8 million tonnes of copper in 2023, Evolution Mining plays a significant role in the economies of both Australia and Canada, with a contribution of $1.6 billion.
Background of Attacks in the Mining Industry
The attack on Evolution Mining follows a similar incident earlier in 2024 involving the BianLian ransomware gang and another Australian mining company, Northern Minerals.
The gang leaked corporate and personnel data on the dark web, targeting Australia's rare-earth metals sector, including companies like Northern Minerals, where no material impact on operations was reported.
Moving forward, cybersecurity experts anticipate more frequent attacks on Australia's resource sector, given its vulnerability and the lucrative nature of the industry.
This prediction is underscored by the Australian Cyber Security Centre's 2022-23 Cyber Threat Report, which documented a 23% surge in cybercrime reports, averaging one every six minutes. The report highlighted that the average cost per cybercrime for large businesses was $71,600.
Implications and Future Considerations
Evolution Mining's proactive response to this attack aligns with Australia's broader efforts to enhance its cybersecurity defenses.
The country has recently increased law enforcement funding and implemented mandatory reporting measures for such attacks.
However, industry experts warn that the cybersecurity landscape in Australia remains understaffed and underprepared to handle the increasing volume of cyber threats.
This gap was further highlighted by the series of high-profile breaches involving significant corporations like Optus, Woolworths, and Medibank in the past year.