Not long after, the Australian Federal government launched a consultation paper covering several topics including ransomware reporting obligations.

“The bill’s second measure will help build our understanding of the ransomware threat that continues to cause large-scale harm to the Australian economy and national security,” Home Affairs and Cyber Security Minister Tony Burke told parliament when introducing the bill. “In 2023 it was estimated that Australian businesses who paid in response to ransomware attacks paid an average of $9.27 million. This issue needs to be tackled. Mandatory reporting of ransomware payments will crystalise our picture of how much is being extorted from businesses via ransomware attacks, whom these payments are being made to and how.”

“With these timely and comprehensive insights, the government will be better able to develop the resources, tools and supports that are most useful to industry and help break the ransomware business model.”