New Australian ransomware plan allows for seizure of crypto

compliance rule law regulation graphic interface business quality policy 4 scaled

Australian authorities will be able to seize or freeze cryptocurrencies linked to cybercrime under new legislation.

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 Oct. 13 come after a 60% surge in cyberattacks on Australian businesses and state agencies last year. According to reports, these incursions cost the economy $AU1.4 billion (around $US1 billion).

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 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. 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.

On Oct. 6, blockchain analytics firm Chainalysis purchased cybercrime investigative firm Excygent to bolster its arsenal in the ongoing war against ransomware.

Source Link

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 61,263.41
ethereum
Ethereum (ETH) $ 3,371.90
tether
Tether (USDT) $ 0.999320
bnb
BNB (BNB) $ 571.22
solana
Solana (SOL) $ 137.40
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,370.79
xrp
XRP (XRP) $ 0.474085
the-open-network
Toncoin (TON) $ 7.59
dogecoin
Dogecoin (DOGE) $ 0.123032
cardano
Cardano (ADA) $ 0.390719
tron
TRON (TRX) $ 0.121363
shiba-inu
Shiba Inu (SHIB) $ 0.000017
avalanche-2
Avalanche (AVAX) $ 25.23
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 61,331.43
chainlink
Chainlink (LINK) $ 13.99
polkadot
Polkadot (DOT) $ 5.81
bitcoin-cash
Bitcoin Cash (BCH) $ 380.28
uniswap
Uniswap (UNI) $ 9.42
near
NEAR Protocol (NEAR) $ 5.55
wrapped-eeth
Wrapped eETH (WEETH) $ 3,504.87
leo-token
LEO Token (LEO) $ 5.76
matic-network
Polygon (MATIC) $ 0.574029
litecoin
Litecoin (LTC) $ 70.88
dai
Dai (DAI) $ 0.999580
pepe
Pepe (PEPE) $ 0.000012
fetch-ai
Fetch.ai (FET) $ 1.65
internet-computer
Internet Computer (ICP) $ 8.13
kaspa
Kaspa (KAS) $ 0.154749
ethena-usde
Ethena USDe (USDE) $ 0.999685
ethereum-classic
Ethereum Classic (ETC) $ 23.47
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,403.39
aptos
Aptos (APT) $ 6.95
render-token
Render (RNDR) $ 7.77
monero
Monero (XMR) $ 163.56
hedera-hashgraph
Hedera (HBAR) $ 0.079972
cosmos
Cosmos Hub (ATOM) $ 6.97
arbitrum
Arbitrum (ARB) $ 0.829494
stellar
Stellar (XLM) $ 0.090864
filecoin
Filecoin (FIL) $ 4.41
okb
OKB (OKB) $ 41.53
mantle
Mantle (MNT) $ 0.760490
crypto-com-chain
Cronos (CRO) $ 0.091147
blockstack
Stacks (STX) $ 1.63
immutable-x
Immutable (IMX) $ 1.55
injective-protocol
Injective (INJ) $ 23.23
first-digital-usd
First Digital USD (FDUSD) $ 0.999586
lido-dao
Lido DAO (LDO) $ 2.42
sui
Sui (SUI) $ 0.885589
vechain
VeChain (VET) $ 0.026005