Australia to Require Companies to Report Ransomware Cyberattacks

According to Cointelegraph, Australian authorities will soon require local companies to report any ransomware cyberattacks on their businesses. The country's economy lost $2.59 billion to cybercrimes in 2021. The national cybersecurity strategy, set to be revealed this week, will feature a mandatory system under which local businesses must alert the government about ransomware cyberattacks. However, this obligation will not be backed by a fine if the company fails to comply. Companies will still be allowed to pay ransoms, although new National Cyber Security Coordinator Air Marshal Darren Goldie has publicly discouraged them from doing so. In October, Australia joined nearly 40 other nations in a pledge not to pay ransomware demands made against government agencies. Before implementing the mandatory system, the government plans to consult with the business community on its design. Minister for Cyber Security Clare O'Neil stated, 'We'll create a ransomware playbook that will provide clear guidance to businesses and citizens on how to prepare for, deal with, and bounce back from ransom demands.' Ransomware attacks remain a common problem in the digital economy. In July, the United States Department of Justice announced the doubling of its crypto crimes team and set an immediate focus on combatting ransomware crimes. According to research firm Chainalysis, wallets involved in ransomware attacks often turn to crypto mining pools to launder the funds acquired through exploits. The firm believes there has been an increase in value sent from ransomware wallets to mining pools. In one instance, Chainalysis highlighted that an exchange wallet address had received $158.3 million from ransomware addresses since 2018.