Qantas to Sell Jetstar Japan Stake as It Refocuses on Core Australian Operations 
Tesla Launches New Model Y Variant in the US Starting at $41,990 
Hyundai Motor Lets Russia Plant Buyback Option Expire Amid Ongoing Ukraine War 
Denso Cuts Profit Forecast Amid U.S. Tariffs and Rising Costs 
SpaceX Seeks FCC Approval for Massive Solar-Powered Satellite Network to Support AI Data Centers 
Apple Earnings Beat Expectations as iPhone Sales Surge to Four-Year High 
US Judge Rejects $2.36B Penalty Bid Against Google in Privacy Data Case 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
Nvidia’s $100 Billion OpenAI Investment Faces Internal Doubts, Report Says 
Pentagon and Anthropic Clash Over AI Safeguards in National Security Use 
Apple Faces Margin Pressure as Memory Chip Prices Surge Amid AI Boom 
AMD Shares Slide Despite Earnings Beat as Cautious Revenue Outlook Weighs on Stock 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Samsung Electronics Posts Record Q4 2025 Profit as AI Chip Demand Soars 
Sandisk Stock Soars After Blowout Earnings and AI-Driven Outlook 
Australia is taking a stand against cybercrime, specifically targeting ransomware attacks. The Australian government has decided that businesses will need to report any ransomware attacks they experience. This decision comes as a response to the significant financial damage caused by cybercrimes in Australia, which amounted to $2.59 billion in 2021.
The Australian government plans to unveil a national cybersecurity strategy this week, as noted by the Australian newspaper on November 13. Part of this strategy is a new requirement for local companies to inform the government about any ransomware attacks they face. However, there won't be any financial penalties for companies that fail to report these incidents.
Despite the new reporting mandate, companies in Australia will still have the option to pay ransoms if they choose. This approach is somewhat controversial, especially since the newly appointed National Cyber Security Coordinator, Air Marshal Darren Goldie, advises against paying ransoms.
In a recent global initiative, Australia, along with nearly 40 other countries, pledged to refrain from paying ransomware demands, especially those targeting government agencies.
Australia Getting Stricter With Cyber Security
Before implementing this new reporting system, the Australian government aims to work closely with the business sector. Cyber Security Minister Clare O’Neil emphasized the development of a "ransomware playbook." This playbook is intended to guide businesses and individuals on how to effectively prepare for, manage, and recover from ransomware demands.
Ransomware continues to be a significant threat in the digital world. Recognizing this, the United States Department of Justice announced in July an expansion of its team dedicated to cryptocurrency-related crimes, with a particular focus on ransomware.
Chainalysis, a research firm, noted an uptick in transactions from ransomware-affiliated wallets to crypto mining pools, indicating a method for laundering the proceeds of these cybercrimes. For example, since 2018, an exchange wallet address received $158.3 million from wallets linked to ransomware.
Australia's move to mandate reporting of ransomware attacks represents a proactive step in combatting the ongoing issue of cybercrime and its substantial economic impact.
Photo: FLY:D/Unsplash
