The Australian government is being urged to take action and ban ransom payments in the wake of the country's largest cyber attack suffered by Latitude Financial. Quite recently, the financial institution to announced its data breach and numerous customer records such as driver's licenses, customer financial statements, passport numbers, etc. have been compromised. Many people have called for new rules prohibiting any such transactions as a show of deterrence for cyber criminals. The Australian Cyber Security Centre is known for suggesting that paying ransom only fuels their business model and that it does not guarantee the retrieval of the stolen data. Also, Australia has been recognised as a great target for cyber offenders due to its median wealth per adult.

Cryptocurrency has been used as the medium of payment for ransomware attackers. It is because of its ability to provide anonymity and enable cross-border payments. A February 28 hearing of U.S. Senate Banking Committee revealed an eye-opening fact that almost 100% of attackers received payment through cryptocurrency. So that means other than providing anonymity, cryptocurrency also incentivizes cyber criminals which poses a huge threat to financial authorities not only in Australia but around the world.

To counter the threat, the Australian government is expecting the review of the nation's cybersecurity strategy led by Andy Penn, former CEO of Telco firm to introduce the law pertaining to ransom payments. It is necessary for both enforcement and regulatory bodies of the governments to work together to find a way to both stop cyber criminals and their access to funds. Also, it is essential to educate the public about cyber-attacks and the measures that can be taken to prevent such malicious activities. It is high time for governments, businesses and the public to join forces to protect the valuable data and to ensure a safer future for cyber industry.



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