Archive: July 15, 2021

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Would mandatory reporting of ransomware payments cause more good or trouble?

Would mandatory reporting of ransomware payments cause more good or trouble?

By Cameron AbbottWarwick Andersen and Jacqueline Patishman

Last month, the federal opposition (Shadow Assistant Minister for Cyber Security) introduced the private member’s Ransomware Payments Bill (the Bill) that proposes to make it mandatory for all Australian businesses and government agencies to notify the Australian Cyber Security Centre (ACSC) before paying a ransom to a ransomware attacker. Failure to notify will attract a penalty of 1,000 penalty units ($181,740).

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