With a new plan that increases punishments for ransomware offenders, Australian legislators are adopting a harsher position against the threat of ransomware.
The federal government announced additional cybersecurity measures and a proposed Surveillance Legislation Amendment on October 13 in response to a 60% increase in cyberattacks against Australian businesses and state agencies in the previous year.
It has been reported that these breaches have cost the Australian economy around $AU1.4 billion ($US1 billion).
Clamping down on hackers
It is hoped that the Ransomware Action Plan will allow authorities to seize or freeze financial transactions in cryptocurrencies that are related to cybercrime, regardless of where the transactions are made.
The government intends to update current regulations in order to make it easier for authorities to attempt to reclaim cryptocurrency funds that have been stolen by hackers.
Karen Andrews, Minister for Home Affairs, stated that additional regulations were put in place to discourage hackers from targeting Australian businesses and individuals. In addition, Andrews stated that “harsh new legislation will target this online criminality and hit cybercrooks where it hurts the most — their bank accounts.”
Fighting ransomware attacks
Dealing with stolen data, as well as purchasing and selling malware used in ransomware attacks, will be considered illegal under the new legislation.
To combat ransomware assaults, a multi-agency task force known as Operation Orcus was established in July of this year. It is believed that most of the attacks began in Russia with the distribution of malware such as REvil or DarkSide, which encrypt or steal information and then demand a ransom in bitcoin.
Recent ransomware attacks on Australia have targeted organizations such as Uniting Care Queensland, Lion Brewing Company, Nine Entertainment, the NSW Labor Party, Toll Holdings, and BlueScope Steel. The attack on the JBS meat processing business in May resulted in the company being forced to close all of its 47 processing plants in Australia.
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