Australian authorities will require local businesses to be fully transparent and report ransomware cyber-attacks against their operations.the country’s economy lost Cybercrime damage in 2021 was $2.59 billion.
according to Australia’s National Cyber Security Strategy, due to be released in November, will include a mandatory system for local businesses to alert the government about ransomware cyberattacks, according to a November 13 report. It is said that there are plans to do so. However, this obligation does not come with penalties if businesses fail to comply.
Both companies will still be allowed to pay ransoms, but the new national cybersecurity coordinator, Air Force Commander Darren Goldie, has publicly discouraged them from doing so. In October, Australia joined about 40 other countries in pledge Failure to pay ransomware demands made against government agencies.
Related: Structure of a cyber attack
As Home Affairs and Cybersecurity Secretary Claire O’Neill has said, the Government will consult with the business community on the design of any enforcement regime before enacting it.
“We will create a ransomware protection book that will provide businesses and the public with clear guidance on how to prepare for, respond to, and bounce back from ransom demands.”
Ransomware attacks remain a common problem in the digital economy. In July, the U.S. Department of Justice announced it was doubling the size of its cryptocurrency crime team, with an immediate focus on combating ransomware crimes.
According to Chainalies, wallets involved in ransomware attacks often turn to crypto mining pools to launder funds obtained through the exploit. The research firm claims that the value being sent from ransomware wallets to mining pools is increasing. In one example, Chaineries highlighted that since 2018, he received $158.3 million from an exchange wallet address ransomware address.
magazine: Two years after John McAfee’s death, his widow Janice is broke and needs answers.