Australia Enforces Mandatory Reporting for Ransomware Attacks

Local enterprises operating in Australia will be required by the government to disclose any ransomware cyberattacks that occur. Cybercrimes caused a $2.59 billion loss for the nation’s economy in 2021.

According to a report from Australia released on November 13, the upcoming national cybersecurity strategy will include a mandatory mechanism that mandates local businesses notify the government of ransomware cyberattacks.

However, failure to comply with this obligation will not result in a monetary penalty for the company.

Despite public dissuasion from Air Marshal Darren Goldie, the newly appointed National Cyber Security Coordinator, the corporations will continue to have the option to remit ransom demands.

Australia, along with nearly forty other countries, vowed in October not to remit ransomware demands against government agencies.

Clare O’Neil, the minister of home affairs and cyber security, has stated that the government intends to consult with the business community regarding the design of the mandatory system before its implementation.

Ransomware attacks continue to be a prevalent issue in the digital economy. The United States Department of Justice declared a tripling of its cryptocrime team in July and directed its immediate attention toward combating ransomware crimes.

Wallets compromised in ransomware attacks frequently utilize cryptocurrency mining pools as a means to conceal the funds obtained via exploits, as reported by Chainalysis.

The research firm asserts that the amount of money transferred from ransomware purses to mining pools has increased.

Chainalysis identified one instance in which, since 2018, an exchange wallet address has been the recipient of $158.3 million in ransomware funds.