Australian lawmakers have drafted legislation that would allow authorized agencies to seize digital assets or freeze cryptocurrency transactions related to cybercrime.
The Australian federal government has introduced a legislative amendment to make ransomware more criminalized. The authorities’ reaction followed in response to the rise in cyberattacks against Australian businesses and government agencies in 2020. This spike in crime cost the country’s economy A $ 1.4 billion ($ 1 billion).
Ransomware attacks hit Australian giants Uniting Care Queensland, Lion Brewery, Nine Entertainment, New South Wales Labor, Toll Holdings and BlueScope Steel. An attack on one of the world’s largest meat producers, JBS Holdings, in May forced the company to close 47 plants in Australia.
The new law will allow authorized bodies to seize digital assets or freeze cryptocurrency transactions related to cybercrime, regardless of the country of origin. The legislation will be refined and updated to speed up and make effective the return of cryptocurrencies received by cybercriminals from victims.
Actions with stolen data, as well as the trade in ransomware viruses that cybercriminals use to attack companies, will be severely suppressed by the state. Australian Home Secretary Karen Andrews said the new measures were designed to prevent international cyberattacks against government agencies and private businesses in the country.
“Our tough new laws target cybercriminals and strike them at their most vulnerable point – bank accounts,” she said.
Australia is not alone in stepping up its efforts to combat cybercriminals. Earlier it became known that the US government is creating a working group to investigate cyberattacks and combat cybercriminals using ransomware to obtain ransom in cryptocurrency.
US Senator Elizabeth Warren and Deputy Deborah Ross have presented a bill that would oblige companies to report to the federal government when they ransom encrypted data from ransomware hackers.
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