The Australian government is stepping up its game against ransomware with a new law mandating companies to disclose any payments made to cybercriminals following data breaches. This intriguing move aims to combat the ongoing threat of ransomware whilst providing a clearer picture of cyber extortion impacting the nation.
Key Points
- New law requires certain Australian companies to disclose payments made to cybercriminals after ransomware attacks.
- The mandate targets organisations with an annual turnover exceeding $1.93 million, covering about 6.5% of businesses in Australia.
- Failure to report incidents may result in civil penalties, emphasising the seriousness of the new regulation.
- The law aims to enhance government understanding of ransomware attacks and reverse the trend of underreporting.
- Experts express concerns that the approach might lead to public shaming of victims without significantly reducing attack frequency.
Why should I read this?
If you’re keen on understanding how nations are tackling the pesky problem of ransomware—this article’s a must-read! Australia’s pioneering law could influence policies worldwide, and it sheds light on the realities of cyber extortion that many companies face. Trust us, you want to be in the know about how this could affect businesses and cyber security regulations across the globe!