Australian regulators are set to require local businesses to disclose any ransomware cyberattacks on their operations, aiming for greater transparency in the face of escalating cyber threats. The move comes as the country’s economy suffered a staggering $2.59 billion loss to cybercrimes in 2021. The upcoming national cybersecurity strategy, slated for unveiling this week, will introduce a mandatory reporting system for businesses to notify the government about ransomware incidents. Notably, there won’t be fines for non-compliance, and companies will retain the option to pay ransoms, though this is discouraged by the new National Cyber Security Coordinator, Air Marshal Darren Goldie.
In October, Australia joined nearly 40 other nations in pledging not to acquiesce to ransomware demands targeting government agencies. Before implementing the mandatory reporting system, the government plans to collaborate with the business community to design it effectively. Minister for Cyber Security Clare O’Neil emphasized the creation of a ransomware playbook to guide businesses and citizens on how to prepare for, handle, and recover from ransom demands.
Ransomware attacks persist as a significant challenge in the digital economy globally. In response, the United States Department of Justice (DoJ) announced an expansion of its crypto crimes team in July, focusing on combating ransomware crimes. Chainalysis, a research firm, revealed that wallets associated with ransomware attacks often turn to crypto mining pools to launder illicitly obtained funds. The firm noted a rise in the value transferred from ransomware wallets to mining pools, highlighting instances where an exchange wallet received $158.3 million from ransomware addresses since 2018.
