Australia introduces new law to combat cybercrime – Bits Media

Australian lawmakers drafted legislation, which will allow authorized authorities to seize digital assets or freeze cryptocurrency transactions, related to cybercrime.

The Australian Federal Government has introduced an amendment to legislation, increasing criminal liability for the use of ransomware. The government's response comes in response to an increase in cyber attacks on Australian businesses and government agencies in 2020 year. This surge in crime has cost the country's economy 1.4 billion Australian dollars ($1 billion).

Australian giants such as Uniting Care Queensland suffered from ransomware attacks, Lion Brewing Company, Nine Entertainment, New South Wales Labor Party, Toll Holdings и BlueScope Steel. An attack on one of the world's largest meat producers, JBS Holdings, forced the company to close in May. 47 businesses in Australia.

The new law will allow authorized bodies to seize digital assets or freeze cryptocurrency transactions, related to cybercrime, regardless of country of origin. Legislation will be finalized and updated, to speed up and make the return of cryptocurrencies effective, received by attackers from victims.

Actions with stolen data, as well as trading in ransomware viruses, which attackers use to launch cyberattacks on companies, will be severely suppressed by the state. Australian Home Affairs Minister Karen Andrews (Karen Andrews) stated, that new measures have been developed, to prevent international cyber attacks on government organizations and private enterprises of the country.

“Our tough new laws are aimed at cybercriminals and will hit them where they are most vulnerable: their bank accounts.”, - she said.

Australia isn't the only one tightening its crackdown on cybercriminals. Earlier it became known, that the US government is creating a working group to investigate cyber attacks and combat attackers, using ransomware to obtain ransom in cryptocurrency.

US Senator Elizabeth Warren (Elizabeth Warren) with MP Deborah Ross (Deborah Ross) introduced the bill, which will require companies to report to federal authorities about the ransom of encrypted data from hackers, Using booster programs.