Australia Considers Mandatory Reporting of Ransom Payments

New legislation is on the horizon in Australia that is set to change the way businesses deal with ransomware attacks. This law, not unlike the Cyber Incident Reporting for Critical Infrastructure Act ( CIRCIA) in the US, aims to improve transparency when it comes to paying ransoms. There’s no question that cybercrime is on the rise in the country. In its 2022/23 Annual Cyber Threat Report, the Australian Cyber Security Centre (ACSC) said it was notified of a cyber incident an average of a staggering once every six minutes. Ransomware, in particular, remains a significant threat to Australian…