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Comment on Australian Goverment plans to outlawing ransomware paymennts - Tyler Moffitt, OTSS

November 2022 by Tyler Moffitt, Sr. Security Analyst, OpenText Security Solutions

The comment from Tyler Moffitt, Sr. Security Analyst,
OpenText Security Solutions giving his view on the news about the
Australian government looking at outlawing ransomware payments to
hackers.

"This is pretty intriguing that the Australian government would be so
bold to try and ban ransomware payments. I think if they understood the
fundamentals of crypto (at least bitcoin), they would find that they
decidedly can’t ban it or stop any payments. The only way a company
would get caught paying a ransom is if they reached out the government
for help so this would encourage companies to share even less about
breaches to the governments.

If a company decides to just take the governments advice of "just don’t
pay it" then the company would be forced into a position where as soon
as they are breached, they need to communicate to the data privacy
governing laws within their strict timetables with disclosure to the
public or face fines that rival the ransom amount itself. This is why
paying the ransom will always hold some appeal to organizations as they
can keep the breach quiet by paying the ransom and "sweeping it under
the rug" to prevent knowledge of the breach._

If organizations are effectively banned from paying ransoms, then the
criminals would be forced to "call their bluff" and publish the hacked
data on leak sites on the dark web."


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