BLUFThere’s a policy vacuum in Australia that makes it an attractive target for ransomware attacks.
Ransomware attacks can bring a large organisation to a grinding halt for as little as $66. Cyber expert Rachael Falk says ransomware attacks are now a global epidemic, and Australia is a prime target. She argues that government needs to work more closely with organisations to reduce the incentives to target Australian companies by:
- Liaising with civil-society groups and businesses about mitigating the risk of ransomware attacks.
- Creating greater clarity regarding the legality of ransomware payments.
- Adopting a mandatory reporting regime and providing incentives for businesses to bolster their cyber defences through tax and subsidy measures.
- Creating a non-punitive but mandatory reporting model.
- Introducing a much more transparent reporting system.
The recently published results of the 2021 Lowy Institute poll found 98% of respondents viewed cyberattacks as a greater concern than climate change, global pandemics, international terrorism, severe economic downturn and Australia-China relations.