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Australia to issue ban on ransomware payments after Latitude Financial Cyber Attack

Cybercrime is growing at an alarming rate, and the Australian government is taking steps to crack down on ransomware payments. On March 16th, a major financial lender in Australia was the target of a large-scale malware attack, and the ransom demand was issued in an anonymous cryptocurrency on April 11th.

In response, the government is considering banning cryptocurrency usage and circulation. This may prove to be practically impossible, but certain open-source tools could make it possible. The Australian Cyber Security Centre (ACSC) is urging victims to not pay the ransom, as there is no guarantee that their information will be returned. Additionally, making such payments illegal may not be possible, according to Andy Penn, the lead of ACSC.

As cybercrime continues to rise in prevalence, it is important for companies to take the necessary steps to protect themselves. This includes implementing strong cybersecurity measures, training employees on cyber safety, and ensuring that backups of important data are regularly taken. It is also important to be aware that paying a ransom carries the risk of the hacker treating the victim as a soft target and launching further attacks.

In conclusion, the Australian government is considering banning cryptocurrency usage in an effort to prevent ransomware payments. While this may be difficult to implement, it is important for companies to take a proactive approach to cybersecurity and be aware of the risks associated with paying a ransom.

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