Australian authorities want to require local businesses to be fully transparent and report any ransomware cyberattacks on their businesses. The country’s economy lost $2.59 billion from cybercrime in 2021.
Sea According to a November 13 report from The Australian, the national cybersecurity strategy to be unveiled in November includes a requirement for local businesses to notify the government of ransomware cyberattacks. However, there is no fine if the company fails to comply with this obligation.
Companies are still allowed to pay ransoms, although new national cybersecurity coordinator Air Marshal Darren Goldie has publicly advised against it. In October, Australia joined almost 40 other countries obligatednot to pay ransom demands against government agencies.
Before this obligation comes into force, the government wants to consult business on what such an obligation might look like, as Home Affairs and Cybersecurity Secretary Clare O’Neil explained:
“We will create a ransomware rulebook that will provide businesses and citizens with clear guidance on how to prepare for, deal with and recover from ransomware claims.”
Ransomware attacks continue to be a common problem in the digital economy. In July, the US Department of Justice announced its Crypto Crimes Team wanting to double. The immediate focus was on combating ransomware crimes.
According to Chainalysis, wallets caught in ransomware attacks often turn to crypto mining pools to launder the funds acquired through exploits. The research firm claims it has an increase of values sent from ransomware wallets to mining pools. In one case, Chainalysis highlighted that an exchange wallet address received $158.3 million from ransomware addresses since 2018.
2023-11-13 17:31:58
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