Australia Mandates Reporting of Ransomware Attacks by Firms
Australia is taking a bold step in cybersecurity by mandating local companies to report any ransomware attacks they experience. This move is part of the nation’s broader strategy to combat the escalating threat of cybercrimes, which cost its economy a staggering $2.59 billion in 2021. The Australian government, led by National Cyber Security Coordinator Air Marshal Darren Goldie, is initiating these measures to strengthen the nation’s digital defense.
Australia Sets New Rules on Ransomware
Interestingly, the new system obliges businesses to alert the government about such attacks, but it does not impose fines for non-compliance. Hence, this approach aims to foster an environment of transparency and cooperation rather than punitive measures. Moreover, despite the absence of financial penalties, businesses will face a moral and civic responsibility to report these incidents. Additionally, while paying ransoms remains legal, authorities strongly discourage it, aligning with a global stance against yielding to cybercriminal demands.
The government, under the guidance of Minister for Home Affairs and Cybersecurity Clare O’Neil, plans to collaborate with the business community in designing this mandatory system. Consequently, a “ransomware playbook” is in the works, offering clear guidance for businesses and citizens on preparing for, handling, and recovering from ransom demands. This proactive approach signifies a significant shift in how Australia tackles the cyber threat landscape.
New License Rules for Crypto Businesses
This development occurs in a global context where countries like the United States are intensifying efforts to fight ransomware, evidenced by the Department of Justice doubling its crypto crimes team. Additionally, the use of cryptocurrency in these crimes has drawn attention, with research from Chainalysis highlighting an increase in funds transferred from ransomware wallets to mining pools.
In response to these challenges, Australia recently announced plans to regulate the digital asset sector, requiring crypto exchanges to obtain a financial services license. This regulation aims to safeguard consumers and foster innovation within the crypto industry, despite some exchanges expressing concerns.
Read Also: SEC Veteran Slams Blockchain Ease of Tracking Illicit Fund Narrative
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Franklin Templeton CEO Dismisses 50bps Rate Cut, Citing ‘Robust Economy’ Ahead of FOMC
- Bitget Unveils ‘Universal Exchange’ Era to Mark 7-Year Anniversary
- Forward Industries Launches $4B Program to Boost Solana Holdings as Analyst Eyes $500 SOL
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
- Bitcoin Price Prediction as Fed Decision Nears — Dump Before the Next Rally?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
