On Friday, Australia became the first nation to enforce legislation mandating victims of ransomware attacks to declare any extortion payments made to cybercriminals. This law, targeting organizations with an annual turnover over AUS $3 million, is designed to enhance transparency in cybersecurity practices. It will impact about 6.5% of businesses while reflecting a proactive stance in tackling cyber threats. The Australian Signals Directorate must receive reports within 72 hours of payment, setting a new precedent for corporate accountability in the realm of digital security.
Under the new law, organizations with a turnover exceeding AUS $3 million are required to report any ransomware extortion payments to the government, changing the landscape of cybersecurity legislation.
This landmark legislation positions Australia at the forefront of cyber policy, mandating that reports of ransom payments be filed within 72 hours to enhance transparency and combat cyber crime.
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