Australian regulators are taking a stronger stance against ransomware with a new plan that increases consequences for offenders.
The new measures and proposed Surveillance Legislation Amendment announced by the federal government on come after a 60% surge in cyberattacks on Australian businesses and state agencies last year.
The Ransomware Action Plan would give authorities the power to seize or freeze financial transactions in cryptocurrencies that are associated with cybercrime regardless of the country of origin. The government aims to modernize existing legislation to make it easier for authorities to try and recover crypto funds stolen by cybercriminals.
The Home Affairs Minister said that the new actions were designed to deter the targeting of Australian businesses by international hackers. A multi-agency task force called Operation Orcus was set up in July to tackle ransomware attacks. Most of the attacks originated in Russia with the deployment of malware such as REvil or DarkSide which encrypts or steals data then demands a ransom in cryptocurrency.
There have been several recent ransomware attacks on Australian targets including Uniting Care Queensland, brewing company Lion, Nine Entertainment, the NSW Labor Party, Toll Holdings, and BlueScope Steel.
