Australia’s New Ransomware Law: Report Payments or Pay the Price!
In Australia, starting May 30, 2025, businesses must report any ransomware payments to the government within 72 hours. This Cyber Security Act aims to enhance cyber threat response. So, if you’re hit by ransomware, remember: report, don’t just resort to paying the ransom.
Hot Take:
Australia just dropped a legal bombshell on businesses: if you’re hit by ransomware and decide to pay up, you better spill the beans to the government within 72 hours. It’s like having to confess your bad decisions before you even have time to regret them. So, start prepping those “Oops, we did it again” forms, folks!
Key Points:
- Starting May 30, 2025, businesses must report ransomware payments within 72 hours.
- The Cyber Security Act mandates reporting of incidents and payments to help track cybercrime.
- The law targets Australian businesses with over $3 million annual turnover and critical infrastructure entities.
- Decentralized currency payments add a layer of challenge but also intelligence value.
- The dilemma of paying ransom includes ethical and financial implications with no guaranteed outcomes.
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