Australian regulators will compel businesses to report cyberattacks: Report By Cointelegraph

Australian authorities will oblige local companies to be fully transparent and report any ransomware cyberattacks on their businesses. The country’s economy lost $2.59 billion to cybercrimes in 2021.

According to a Nov. 13 report by the Australian, the national cybersecurity strategy, which is set to be revealed in November, will feature a mandatory system under which local businesses must alert the government to ransomware cyberattacks. However, this obligation won’t be backed by a fine if the company fails to comply.