According to a report by the Australian on Nov. 13, the national cybersecurity strategy will mandate businesses to transparently report any ransomware cyberattacks without imposing fines, aiming to enhance cybersecurity. Companies can still pay ransoms, though new National Cyber Security Coordinator Air Marshal Darren Goldie has explicitly advised against it. In October, Australia, along with nearly 40 other nations, committed to not fulfilling ransomware demands targeting government agencies.
Before implementing the compulsory system, the government intends to consult with the business community to determine its structure. Minister for Home Affairs and 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 threat in the digital economy. In July, the U.S. Department of Justice announced a doubling in the size of its crypto crimes team and immediate focus on fighting against ransomware crimes.
Chainalysis notes ransomware funds flowing into crypto mining pools for laundering. The research firm claims there has been a rise in value sent from ransomware wallets to mining pools. For example, Chainalysis highlighted an incident in which an exchange wallet address had received $158.3M from ransomware addresses since 2018.