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The Australian government plans to ban cyber ransom payments following the country’s most significant Latitude Financial attack. The move comes after the financial services company was hit by a ransomware attack early this 2023.
The government believes that banning cyber ransom payments will help to deter cyber criminals and reduce the number of attacks on Australian businesses, especially in cryptocurrency. It is also hoped that the move will help reduce the amount of money flowing into criminal organisations’ hands.
In a statement, a cyber expert, Ryan Ko, said, “The advice not to pay is the right one, because if you pay, there’s no guarantee that they wouldn’t do it to you again.”
The proposed ban will apply to all Australian businesses and individuals, and any payments made to cybercriminals will be deemed illegal. The government will work with law enforcement agencies to enforce the ban and prosecute those who breach it.
Currently, the Australian Cyber Security Centre (ACSC), the country’s primary agency for cybersecurity, advises against ransom payments by victims of ransomware attacks. They assert that there is no assurance that the stolen information will be returned instead of sold online.
“There is no guarantee you will regain access to your information, nor prevent it from being sold or leaked online. You may also be targeted by another attack,” indicated ACSC on their website.
The move has been welcomed by cybersecurity experts, who believe that banning ransom payments is an essential step in the fight against cybercrime. “Cybercriminals rely on the fact that businesses will pay up to get their data back,” said cybersecurity consultant Emma Jones. “Banning ransom payments will make it much harder for them to make money from their attacks.”
However, some experts have raised concerns that the ban could make it more difficult for businesses to recover their data following an attack. They said that if businesses cannot pay the ransom, they may be left with no other option but to lose their data permanently.
The government has yet to announce when the ban will come into effect, but it is expected to be introduced in the near future.
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