Australian lawmakers are taking a tougher stance against ransomware with a new plan that increases penalties for offenders.
The new measures and proposed Surveillance Legislation Amendment announced by the federal government on Oct. 13 come after a 60% surge in cyberattacks on Australian businesses and state agencies last year. According to reports, these incursions cost the economy $AU1.4 billion (around $US1 billion).
The Ransomware Action Plan would give authorities the power to seize or freeze financial transactions in cryptocurrencies that are associated with cybercrime regardless of the country of origin.
The government aims to modernize current legislation to make it easier for authorities to try and recover crypto funds stolen by cybercriminals.
Home Affairs Minister Karen Andrews said that the new measures were designed to deter the targeting of