HomeBlockchainNew Australian ransomware plan allows for seizure of crypto

New Australian ransomware plan allows for seizure of crypto

- Advertisement -



New Australian ransomware plan allows for seizure of crypto

Australian lawmakers are taking a tougher stance against ransomware with a new plan that increases penalties for offenders.

The new measures and proposed Surveillance Legislation Amendment announced by the federal government on Wednesday come after a 60% surge in cyberattacks on Australian businesses and state agencies last year. According to reports, these incursions cost the economy AU$1.4 billion (around $1 billion dollars).

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 current legislation to make it easier for authorities to try and recover crypto funds stolen by cybercriminals.

Home Affairs Minister Karen Andrews said that the new measures were designed to deter the targeting of Australian businesses by international hackers. “Our tough new laws will target this online criminality, and hit cybercrooks where it hurts most — their bank balances,” she added.

Dealing with stolen data and buying and selling malware used in ransomware attacks will also be criminalized.

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 before demanding 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. The attack on the JBS meat processing company in May forced it to shut down its 47 sites in Australia.

Related: Don’t blame crypto for ransomware

Lawmakers in the United States are also ramping up efforts to tackle ransomware. Earlier this month, anti-crypto Senator Elizabeth Warren introduced the Ransom Disclosure Act, which aimed to gather data on the role of cryptocurrency in ransomware attacks.

Last Wednesday, blockchain analytics firm Chainalysis purchased cybercrime investigative firm Excygent to bolster its arsenal in the ongoing war against ransomware.



Read orginal here

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,497FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 63,976.00
ethereum
Ethereum (ETH) $ 3,854.05
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 607.59
litecoin
Litecoin (LTC) $ 186.55
eos
EOS (EOS) $ 4.48
okb
OKB (OKB) $ 23.12
tezos
Tezos (XTZ) $ 6.63
leo-token
LEO Token (LEO) $ 2.94
cardano
Cardano (ADA) $ 2.10
monero
Monero (XMR) $ 255.40
stellar
Stellar (XLM) $ 0.375661
chainlink
Chainlink (LINK) $ 26.04
huobi-token
Huobi Token (HT) $ 8.39
tron
TRON (TRX) $ 0.102112
usd-coin
USD Coin (USDC) $ 0.999879
dash
Dash (DASH) $ 190.59
neo
NEO (NEO) $ 42.79
iota
IOTA (MIOTA) $ 1.24
nem
NEM (XEM) $ 0.168118
zcash
Zcash (ZEC) $ 147.24
maker
Maker (MKR) $ 2,475.86
paxos-standard
Pax Dollar (USDP) $ 0.997413
ethereum-classic
Ethereum Classic (ETC) $ 52.46
vechain
VeChain (VET) $ 0.116041
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 56.79
kucoin-shares
KuCoin Token (KCS) $ 14.24
waves
Waves (WAVES) $ 28.61