Australian regulators to force companies to report cyberattacks

Australian authorities will require local companies to fully and transparently report any ransomware cyberattacks against their business. In 2021, the Australian economy suffered losses of AUD 2.59 billion due to cybercrime. According to local media reports, the national cybersecurity strategy to be announced this week will establish a mandatory system under which local businesses must report ransomware cyberattack incidents to the government. However, if a business fails to comply with this obligation, it will not be fined.