Hackers in Australia will face tougher criminal penalties and asset seizures for attacks by crypto-ransomware programs. This, according to The Australian.
The initiative followed a federal police operation to curb the record surge in ransomware attacks in 2020. Estimates put the economic damage at A$1.4 billion (~$1 billion).
Home Affairs Minister Karen Andrews said the aim of the new measures would be to deter and punish cybercriminals
“The laws will strike cybercriminals where it hurts most — in their bank accounts”, she said.
The measures will target those seeking to attack critical infrastructure and use stolen data. The regulatory framework will cover the buying and selling of malicious software, as well as simplifying procedures to seize the funds obtained by ransomware operators.
In June, US House of Representatives member Bill Foster stated that are capable of burying Bitcoin’s reputation when considering its status in Congress.
Prior to this, President Joe Biden tasked exploring tracking cryptocurrency transactions as one of the tools to combat ransomware.
Later, US Senator from Massachusetts Elizabeth Warren stated that thanks to digital assets committing crimes has become easier. As examples she cited ransomware attacks on the companies Colonial Pipeline and JBS.
Subsequently, the media reported that investigations of similar incidents in the United States received the same level of priority as terrorism cases.
In September, Senator Maggie Hassan sent letters to several institutions in which she expressed concern about the use of cryptocurrencies as ransom payments to ransomware programs.
In the same month, media reported that the Biden administration was preparing a number of measures aimed at countering cryptocurrency payments to hackers behind such virus attacks.
As noted, by late October 2021 the Australian Senate committee examining cryptocurrency industry regulation was to issue regulatory recommendations.
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