Australian Businesses to Report Ransomware Attacks Under New National Cybersecurity Strategy
Summary:
Australian businesses will be required by authorities to disclose any ransomware cyberattacks they experience, in line with a nationwide cybersecurity strategy due for release. Despite the potential financial impact of cybercrimes, estimated to be $2.59 billion in 2021, businesses will not face penalties for non-disclosure or for paying ransoms. This policy will be shaped following consultation with the business sector to offer guidance on dealing with ransom demands.
Australian businesses will be required by government authorities to divulge any instances of ransomware cyberattacks they have suffered. Cybercrimes cost the nation an estimated $2.59 billion in 2021. The Australian announced on 13th November that the upcoming national cybersecurity strategy will present a compulsory protocol requiring domestic companies to notify the government in the wake of a ransomware cyberattack. There will be no penalties if companies fail to meet this requirement. Businesses maintain the freedom to resolve ransoms, though the newly appointed National Cyber Security Coordinator Air Marshal Darren Goldie has publicly advised against this. In line with this stance, Australia joined nearly 40 other countries in vowing not to acquiesce to ransomware demands on government departments last October. Furthermore, before implementing this obligatory system, Minister for Cyber Security Clare O’Neil confirmed the government's intention to seek the corporate sector's input on its structure. O'Neil expressed: “We’re establishing a playbook on ransomware to provide definitive guidance for our businesses and citizens on ransomware prevention, response, and recovery.” It's important to note that ransomware attacks continue to plague the digital economy. In response to this, the United States Department of Justice (DoJ) announced in July that it would be expanding its crypto crimes division and prioritizing the fight against ransomware crimes. Chainalysis, a research firm, suggests that some individuals involved in ransomware attacks resort to crypto mining pools to disguise the proceeds of their illegal activities. The company observed an increase in funds transferred from ransomware wallets to mining pools. One instance highlighted by Chainalysis is a case where an exchange wallet address reportedly received $158.3 million from ransomware-linked addresses since 2018. It is worth noting how Janice, the widow of John McAfee, who passed away two years ago, is now seeking answers as she faces financial difficulties.
Published At
11/13/2023 7:32:19 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.