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AUSTRALIAN COMPANIES WILL SOON NEED TO REPORT RANSOM PAYMENTSAUSTRALIAN
COMPANIES WILL SOON NEED TO REPORT RANSOM PAYMENTS

Significant upcoming legislation promises to tighten the screws on cyber
incident response in Australia, mirroring CIRCIA in the US.

Nate Nelson, Contributing Writer

August 1, 2024

4 Min Read
Source: Bonaventura via Alamy Stock Photo


Australian companies may soon have to disclose to the government any ransom
payments they surrender to ransomware attackers.

It wasn't so long ago that Australia's government was considering an outright
ban on ransom payments across the country. That idea didn't survive, but a
slightly softer rule was floated in a national cybersecurity strategy document
published last November. In just a single sentence buried deep in that document,
the government signaled its intention that "To stay ahead of the threat, we will
co-design with industry options to legislate a no-fault, no-liability ransomware
reporting obligation for businesses."

That obligation seems to be part of the country's upcoming Cyber Security Act,
which is expected to be brought before parliament during its next sitting in
just a couple of weeks' time.

Following an interview with Clare O'Neil — who, until Monday, was Australia's
Minister for Home Affairs — the Australian Broadcasting Corporation (ABC)
reported that businesses making more than $3 million AUD ($1.96 million US) in
annual revenue will be forced to report their ransom payments. However, the
fines for noncompliance are purportedly just $15,000.

Dark Reading has contacted Australia's Department of Home Affairs to confirm
reports about the new rule.

"The goal with such laws is to allow governments to have insight into funds
going to bad actors, in order to be able to track those payments and hopefully
bring criminals to justice," explains Beth Burgin Waller, chair of the
Cybersecurity & Data Privacy practice at Woods Rogers Vandeventer Black (WRVB).

In Australia's case, "The proposed bill appears to mirror what we are seeing in
the United States from CIRCIA (the Cyber Incident Reporting for Critical
Infrastructure Act of 2022), which requires that covered entities report ransom
payments within 24 hours of making a ransom payment to CISA," she explains. "The
Australian proposed law is broader, though, in the sense that it appears to be
for any business making a ransom payment, whereas it appears CIRCIA covers only
'covered entities,' which the current proposed CIRCIA regulations broadly
define."


WILL FORCING RANSOM DISCLOSURE WORK?

Australia has been rocked by some major cyberattacks in recent years. In 2022, a
breach of millions of consumer records struck the telecommunications company
Optus. Shortly thereafter, a case of similar scope hit the health insurance
provider Medibank. Last year, a cyber disruption downed four core ports around
the country for a weekend. And there have been more.

The toll to Australia's economy has been significant. As former minister O'Neil
noted in a forward to the 2023–2030 Australian Cyber Security Strategy, a cyber
incident is reported to the government every six minutes. (Of course, that
doesn't include all the incidents that don't get reported.) Ransomware,
meanwhile, is responsible for $3 billion worth of damage to Aussie organizations
annually, and cyberattack costs are rising 14% per annum.

Any hard and fast rules that help curb the problem inevitably affect different
organizations differently. On one hand there are larger companies, which can
handle the costs involved and stand to benefit the most from clearer
regulations.

"With laws like this popping up locally across the globe, it creates a patchwork
quilt of compliance for multi-national organizations with perhaps a headquarters
in the United States but significant operations in Australia," Waller says.

Smaller organizations, meanwhile, have fewer resources to dedicate to
cybersecurity, and less money to pay fines when they fall short. According to
ABC, the Australian Chamber of Commerce and Industry (ACCI) trade organization
supports parts of the upcoming Cyber Security Act, but proposes that the minimum
revenue threshold for businesses affected by the reporting rule should be $10
million.


INCENTIVE FOR STRONGER CYBER DEFENSES

The hope, regardless, is that any potential negative side effects will be
outweighed by greater visibility for law enforcement, and more effective
incentives for companies to better themselves.

"Mandatory disclosures may prompt a reassessment of corporate practices
regarding negotiations with cybercriminals," says Anne Cutler, cybersecurity
evangelist at Keeper Security. "With the knowledge they must disclose any ransom
payments, business leaders may be persuaded to invest more heavily in preventive
measures and robust incident response plans to avoid the financial and
reputational scrutiny that comes with public disclosure."




ABOUT THE AUTHOR(S)

Nate Nelson, Contributing Writer



Nate Nelson is a freelance writer based in New York City. Formerly a reporter at
Threatpost, he contributes to a number of cybersecurity blogs and podcasts. He
writes "Malicious Life" -- an award-winning Top 20 tech podcast on Apple and
Spotify -- and hosts every other episode, featuring interviews with leading
voices in security. He also co-hosts "The Industrial Security Podcast," the most
popular show in its field.

See more from Nate Nelson, Contributing Writer
Keep up with the latest cybersecurity threats, newly discovered vulnerabilities,
data breach information, and emerging trends. Delivered daily or weekly right to
your email inbox.

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