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13 Oct 2021

Australia Introduces Ransomeware Plan to Seize Stolen Crypto

Australia Introduces Ransomeware Plan to Seize Stolen Crypto

The Index Today

Lawmakers in Australia are implementing strict measures to counter ransomware by increasing penalties for offenders. The new the surveillance Legislation Amendment came into effect after a 60% surge in cyber-attacks was reported on businesses in the previous year.

Reports show cyber-attacks have cost the economy around $AU1.4 billion so far. The proposed ransomware initiate will allow authorities to track and seize financial transactions in cryptocurrencies.

The purpose of the new legislation is to make recovery of stolen crypto currency easier and efficient for authorities in the country. Karen Andrews, home affairs minister said, “Our tough new laws will target this online criminality, and hit cyber crooks where it hurts the most, their bank balances.”

A new multitask agency has been set up for this purpose, names Operation Orcus. It has been reported most cyber-attacks come from Russia using malware programs such as DarkSide and REvil. These malware programs have the capability to steal data in return for crypto currency as ransom.

Major companies in Australia have reported being a victim to cybercrime including Nine Entertainment, NSW Labor Party, Toll Holdings, Uniting Care Queensland and BlueScope Steel. Other nations are following lead and boosting efforts to tackle growing cybercrime threats.

©Photo: cointelegraph