Australia’s Bold Move: New Ransomware Reporting Rules Take Center Stage
Australia’s new ransomware payment reporting rules make tattling on cyber extortion mandatory. If your business grosses over $3 million AUD, and you pay off hackers, the government wants to know within 72 hours. So, when hackers come knocking, remember: snitches get… compliance!
Hot Take:
Australia has decided it won’t just sit idly by while cybercriminals play catch-me-if-you-can with its businesses. With their new regulation, they’ve basically said, “If you’re going to pay the piper, at least let us know how much he charged you for that tune!” It’s a bold move to curb the underreporting of ransomware attacks, and it might just make cybercriminals think twice before demanding a Lamborghini in exchange for your data.
Key Points:
- New Australian regulation requires companies with a turnover of $3 million AUD or more to report ransomware payments.
- All critical infrastructure organizations must comply with the reporting rules.
- Companies have 72 hours to report payments, detailing the incident, demands, and ransom amount.
- The legislation covers both monetary and non-monetary ransomware payments.
- The government will use reports to inform SMEs and shape future cyber legislation.
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