Labor pushes for national plan to tackle $1.4bn in ransomware attacks

Labor is pushing for a national ransomware strategy to tackle up to $1.4bn worth of financially motivated cyber attacks against Australian businesses and individuals.

Opposition cybersecurity spokesman Tim Watts. Picture: Mark Stewart

Labor is pushing for a national ransomware strategy to tackle up to $1.4bn worth of financially moti­vated cyber attacks against businesses and individuals.

Opposition cybersecurity spokesman Tim Watts wants the federal government to pursue more regulations and heighten investigations into cyber-attackers who capture data and then refuse its owners access unless they receive a financial payment.

In a speech to parliament on Wednesday, Mr Watts said ransomware could no longer be a priority of businesses alone and the payment of ransoms to cyber-thugs must be tackled.

“While individual organisations will always have the primary responsibility for taking the necessary steps to protect their IT systems from cyber threats, the Australian government has an important role to play in shaping the broader environment in which ransomware operators identify targets,” he said. “We need to have a serious conversation about regulating payment of ransoms by Australian targets.

“None of the interventions identified in Labor’s discussion paper are silver bullets, but the threat of ransomware isn’t going anywhere soon and the government cannot just leave it to Australian organisations to confront this challenge alone.”

Security firm Emsisoft found ransomware attacks on Australians cost the nation’s economy between $382m and $1.4bn last year alone. High impact ransomware campaigns have recently been conducted against targets like Toll Group, Bluescope Steel, and regional Victorian hospitals.