Australia becomes first country to force disclosure of ransomware payments

Serving tech enthusiasts for over 25 years.TechSpot means tech analysis and advice you can trust TL;DR: Canberra authorities are embracing a tough approach to ransomware threats. A new law will require certain organizations to disclose when and how much they have paid to cybercriminals following a data breach. However, experts remain unconvinced that this is the most effective way to tackle the problem. Companies operating in Australia must now report any payments made to cybercriminals after experiencing a ransomware incident. Government officials hope the new mandate will help them gain a deeper understanding of the issue, as many enterprises continue to pay ransoms whenever they fall victim to file-encrypting malware. Originally proposed last year, the law applies only to companies with an annual turnover exceeding $1.93 million. This threshold targets the top 6.5 percent of Australia's registered businesses – representing roughly half of the country's total economic output. Und ... Read full article.