Australia's battle against ransomware: the Cyber Security Bill 2024

Introduction

In an increasingly digital world, the prevalence of cyber threats has prompted governments worldwide to strengthen their legislative frameworks in the particular area of ransomware threat. In response, the Australian Government has introduced the Cyber Security Bill 2024 ("the Bill"), which aims to regulate and bring transparency to ransomware payments, among other reforms. Ransomware, described as the "most destructive cybercrime threat in 2022-23," operates by encrypting files, devices, and networks, rendering them inaccessible until a ransom is paid.¹ In many cases, even after a ransom payment has been made, victims of ransomware attacks may still be unable to recover their data.²