Australia: New Cybercrime law
Representatives of the Australian legislation have created a law that will provide more opportunities in the fight against cybercrime. It will be possible to seize digital assets, freeze cryptocurrency transactions that are directly related to cybercrime.
Amendments by the federal authorities of the country were dictated by the growth of cyberattacks on enterprises and state institutions last year. The losses of the country’s economy amounted to $ 1 billion dollars. Therefore, the new law will make criminal liability for the use of ransomware tougher.
The largest companies in Australia are affected by cyberattacks: UnitingCare Queensland, Toll Holdings, Lion Brewing Company, the Labor Party of New South Wales, Nine Entertainment and BlueScope Steel. At once 47 enterprises had to be closed by one of the world’s meat production giants JBS Holdings due to cyberattacks.
Under the new law, the competent authorities will seize digital assets or freeze all cryptocurrency-related transactions involving cybercriminals. Moreover, the country of origin will not play a role in this case. It is planned to finalize and introduce relevant mechanisms into the legislation in order to quickly and effectively return the cryptocurrency that fraudsters fraudulently obtained from the victims.
Severe punishment from the state awaits those who will sell ransomware viruses, as well as carry out any operations with stolen data. According to the Minister of Internal Affairs of Australia Karen Andrews, the new law will help protect the country from international cyberattacks, both on public and private structures. She also stressed that the innovations will be able to strike at the most vulnerable – bank accounts.
Many other countries are also involved in the fight against cybercrime. The US authorities recently assembled a working group to investigate cyberattacks and learn how to fight criminals who use extortionate programs to obtain cryptocurrencies. The bill was developed by Elizabeth Warren, US Senator, and Deputy Deborah Ross. It talks about the obligations of companies that will have to notify the federal authorities about the redemption of encrypted data from hackers who use ransomware.