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Australia to Impose ‘Harsher’ Penalties for Ransomware Gangs

Australia has issued a series of rulings to penalize ransomware attackers with harsher penalties. The Ransomware Action Plan, issued by Australia, states that the measures were taken to address the growing trend of ransomware attacks in Australia. This had resulted in gangs making more than $10 million annually.

Officials reported that threat actors had hit an all-time high in attacks. Ransomware gangs attacked individuals and companies across the country. Ransomware gangs have taken personal and financial information from victims. This disrupts small business operations and costs them time and money. “Our tough new laws will target online criminals” Karen Andrews, Australia’s Home Secretary stated.

Two weeks ago, the Ransomware Action Plan was approved by a joint parliamentary committee. It was based on sufficient evidence regarding the ransomware problem in Australia. James Paterson (senator), commented that Australia is not immune to sophisticated cyber threats and that industry and government recognize the need to do more to safeguard our nation’s critical infrastructure.

Warning about Pump-and-Dump Programs

Australia recently took action against stock-trading pump-and-dump scheme that can cause significant losses for investors. ASIC, Australia’s financial market regulator, infiltrated a Telegram group this week and posted a warning message about ‘coordinated stock pumping’.

The watchdog sent a message about pumping some stocks’ prices after several coordinated posts by moderators. Telegram members blasted the regulator for wasting their resources monitoring such a small group.


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