Australian companies must report Ransomware payments to the Government

[Caute_cautim]

Hi All

Businesses that make ransomware payments to hackers will be forced to report their actions to government authorities under tough landmark legislation introduced to Parliament this week.

The Cyber Security Legislative package includes mandatory ransomware reporting for certain businesses and a mandate minimum on cyber security standards for smart devices in a bid to keep cyber criminals locked out of homes and businesses.

It will also see the establishment of a Cyber Incident Review Board.

The reforms have been introduced under the Security of Critical Infrastructure Act 2018 (SOCI Act) aim to clarify existing obligations in relation to systems holding business critical data and simplify information sharing across industry and government.

https://ia.acs.org.au/article/2024/businesses-forced-to-report-ransomware-payments.html?ref=newslett...

How about other countries doing this too?

Regards

Caute_Cautim

[JohnMansoryyy]

This new legislation is a critical move towards improving transparency and accountability in how businesses handle ransomware. By mandating the reporting of payments and setting stricter cybersecurity standards, it should deter attackers and encourage companies to invest more in prevention. Hopefully, other countries will follow suit to create a global front against ransomware, as the issue is undeniably borderless and requires coordinated international action.

[Caute_cautim]

@JohnMansoryyyy

I agree, if only other countries would take it up including New Zealand, if would definitely create a far positive atmosphere and level of transparency rather than ducking and diving to avoid the Media trolls.

Regards

Caute_Cautim