Australian lawmakers are taking a stronger approach against ransomware, as authorities will be able to seize or freeze cryptocurrencies linked to cybercrime under the new legislation.
Following a 60 percent increase in cyberattacks on Australian businesses and state agencies last year, the federal government announced new safeguards and a proposed Surveillance Legislation Amendment on Oct. 13. According to sources, the economy spent $AU1.4 billion (about $US1 billion) as a result of these incursions.
The Ransomware Action Plan would allow authorities to seize or freeze financial transactions in cryptocurrencies linked to cybercrime, regardless of where they originated.
The administration wants to update the law to make it easier for authorities to recover cryptocurrency funds stolen by thieves.
The new rules, according to Home Affairs Minister Karen Andrews, are intended to dissuade international hackers from targeting Australian firms. “Our harsh new regulations will go after online criminals where it hurts the most – their bank accounts,” she continued.
Buying and selling malware used in ransomware attacks, as well as dealing with stolen data, will be made illegal.
In July, a multi-agency task force known as Operation Orcus was formed to combat ransomware assaults. The majority of the attacks started in Russia, with malware like REvil or DarkSide encrypting or stealing data before demanding a ransom in bitcoin.
Ransomware attacks on Australian targets have recently targeted Uniting Care Queensland, Lion Brewery, Nine Entertainment, the NSW Labor Party, Toll Holdings, and BlueScope Steel. In May, the JBS meat processing facility was attacked, forcing it to close all of its 47 locations in Australia.
In the United States, lawmakers are also stepping up their efforts to combat ransomware. Senator Elizabeth Warren, a vocal opponent of cryptocurrency, presented the Ransom Disclosure Act earlier this month, with the goal of gathering information on the use of bitcoin in ransomware attacks.
Chainalysis, a blockchain analytics business, bought cybercrime investigation firm Excygent on Oct. 6 to add to its arsenal in the ongoing struggle against ransomware.
