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Australia mandates reporting of ransomware attacks to bolster cybersecurity

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TL;DR

  • Australia is updating its cybersecurity framework to require businesses to report ransomware attacks.
  • The move is in response to cybercrimes costing the Australian economy $2.59 billion in 2021.
  • The new strategy includes a compulsory reporting system but no penalties for non-compliance.

Australia is set to enhance its cybersecurity framework, mandating local businesses to report any ransomware cyberattacks. This move comes in response to the growing digital threats that have cost the Australian economy a staggering $2.59 billion in 2021. The upcoming national cybersecurity strategy, slated for release in November, introduces a compulsory reporting system for local businesses, underscoring the government’s intensified focus on combating cybercrime.

Interestingly, this mandatory reporting obligation will not be reinforced by penalties. Companies will retain the option to pay ransoms, although Air Marshal Darren Goldie, the new National Cyber Security Coordinator, advises against such actions. Notably, Australia joined an international commitment in October, alongside nearly 40 countries, hoping to avoid meeting ransomware demands targeted by government agencies.

In a significant move, the government, led by Minister for Home Affairs and Cybersecurity Clare O’Neil, plans to engage with the business community before implementing the mandatory system. O’Neil emphasized the development of a ‘ransomware playbook’ aimed at equipping businesses and citizens with strategies to prevent, manage, and recover from ransom demands.

Ransomware attacks have become a prevalent issue globally. Recognizing this threat, the United States Department of Justice doubled its crypto crimes team in July, prioritizing the fight against ransomware. Chainalysis, a leading research firm, revealed that ransomware wallets increasingly use crypto mining pools for laundering illicit funds. The firm reported a marked rise in transactions from ransomware-affiliated wallets to these mining pools, with one exchange wallet receiving over $158 million from such sources since 2018.

Australia’s proactive approach towards cybersecurity reflects a global trend of heightened vigilance against digital threats. The decision to enforce reporting without imposing fines suggests a strategy focused more on transparency and cooperation than punitive measures. This strategy aligns with the broader objective of strengthening national cybersecurity infrastructure while fostering a collaborative environment between the government and private sector.

The Australian government’s forthcoming cybersecurity strategy promises to be a comprehensive framework, offering guidance and support in an era where digital threats are increasingly sophisticated and pervasive. The emphasis on collaboration and proactive measures marks a significant step in Australia’s journey towards a more secure digital landscape, setting a precedent for other nations grappling with similar challenges.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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