Australia May Ban Crypto Ransoms After Major Data Breach

1. Latitude Financial hit by cyber attack, refuses ransom.
2. Millions of personal records stolen in breach.
3. Tech industry calls for ban on ransoms.

Latitude Financial, an Australian financial institution, has fallen victim to a significant cyber attack, triggering calls for the government to implement a ban on cryptocurrency ransom payments. The breach, which was first reported on March 16, led to the theft of 7.9 million driver’s license numbers from Australia and New Zealand, 6.1 million customer records, 53,000 passport numbers, and 100 customer financial statements.

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In response to the incident, Latitude Financial announced on April 11 that it would not comply with the ransom demands. The company’s decision aligns with the Australian Cyber Security Centre’s (ACSC) current advice for ransomware attack victims, which discourages the payment of ransoms due to the lack of assurance that the stolen information will be returned.

Although the ACSC’s guidelines discourage paying ransoms, there are no existing laws that explicitly prohibit companies from doing so. Latitude Financial’s recent cyberattack has spurred the Australian tech community to advocate for new legislation that would criminalize ransom payments.

If the Australian government decides to impose a ban on ransom payments, it could potentially deter cybercriminals from targeting the country’s businesses and citizens. The debate surrounding this issue highlights the need for a comprehensive approach to cybersecurity that addresses both prevention and response strategies.

In other news, MicroStrategy has successfully returned to profitability after years of heavy investment. Specifically, MicroStrategy’s most recent BTC purchase revealed that the firm’s average cost per bitcoin is $29,803.

Read also:

• Major Security Breach on Hedera Hashgraph: Liquidity Pool Tokens Stolen
• Apple Accused of Copyright Breach by Alleged Bitcoin Creator
• Bitcoin ATM Giant General Bytes Falls Victim to Massive Security Breach
• Australia Takes Slow and Steady Approach to Crypto Regulations
• Australia to Regulate Crypto With Digital Services Act