Aussie cyber spies to control critical infrastructure during ransomware attacks

Aussie cyber spies to control critical infrastructure during ransomware attacks

Australia’s top cyber spies are set to gain greater powers in the event of ransomware or other cyber attacks on critical infrastructure.

The Australian Signals Directorate (ASD), a government agency in charge of cyber warfare and information security, would be able to take over control of critical infrastructure — including energy, communications and banking systems — under new legislation introduced into Parliament.

Our top trading bots

The legislation even considers health care and grocery businesses to fall under the definition of critical infrastructure and imposes new positive security obligations.

For ASD operatives to provide assistance, operators from the affected infrastructure have to report a serious cyber incident.

According to The Australian newspaper, the Critical Infrastructure Bill will be introduced to parliament, on Oct. 20, with bipartisan support from the committee that examined it.

Home Affairs Minister Karen Andrews stated the measures proposed will ensure the safety of essential services that Australians rely on:

“Recent cyber-attacks and security threats to critical infrastructure, both in Australia and overseas, make these reforms critically important.”

But a coalition of Australian and international tech industry groups is opposed to the new laws.  “Without significant revision, the bill will create an unworkable set of obligations and set a troubling global precedent,” they wrote in a joint letter.

There have been a string of high profile ransomware attacks this year, including the Colonial Pipeline cyber attack in the U.S. in May, which forced governments around the world to rethink their vulnerabilities and highlighted crypto’s role in the attacks.

Another ransomware attack in May, on Australian meat processor JBS, pushed Australian lawmakers to take a tougher stance. A new Ransomware Action Plan was released last week  will allow Australian authorities to seize or freeze financial transactions in cryptocurrencies that are associated with cyber-crime regardless of the country of origin.

The Parliamentary Joint Committee on Intelligence and Security said the “threat of cyber security vulnerability and malicious cyber activity has become increasingly evident in recent years” with about a quarter of reported cyber security incidents affecting critical infrastructure organizations.

Related: Chainalysis acquires cybercrime investigative firm Excygent in fight against ransomware attacks

Continue reading upon Cointelegraph
Voyager Digital will be crypto brokerage partner for National Women's Soccer League
Crypto trading platform Voyager Digital has inked a deal with the National Women's Soccer League, or NWSL, aiming to provide players crypto education and...
New Australian ransomware plan allows for seizure of crypto
Australian lawmakers are taking a tougher stance against ransomware with a new plan that increases penalties for offenders.The new measures and proposed...
Solana chart 'bull flag' eyes $250 despite SOL price down 40% since last week
Solana (SOL) price extended its slide on Sept. 17 as a major network outage over the past week — pointing to heightened security risks — hit traders' confidence.The...
Near Protocol, Algorand and PowerPool rebound while Bitcoin consolidates
The wider cryptocurrency market appears to be in the early stages of a recovery with many altcoins regaining their footing after correcting by 20% to 30%...
Cryptocurrencies now recognized under commercial law in Texas
Two bills aimed at furthering the adoption of cryptocurrencies and blockchain are now law in the state of Texas.Texas House Bills 4474 and 1576, passed...
Swedish gov’t pays out $1.5M in Bitcoin to convicted drug dealer
The Swedish government has found itself in the unforeseen situation of paying out around $1.5 million worth of Bitcoin (BTC) to a convicted — and then jailed...
New data suggests Bitcoin could see BTC price 'double bubble' top in 2021
Bitcoin (BTC) is facing a “double bubble” and will see two price tops this year, fresh data suggests.In a tweet on Aug. 18, Charles Edwards, CEO of investment...
Bitcoin dips below $33K as shorts spike, trader warns of 'violent' BTC price squeeze
Bitcoin (BTC) fell back below $33,000 support on July 12 as a familiar cocktail of low volumes and mounting shorts pressured price action. BTC/USD 1-hour...
Airbnb is exploiting its users, but decentralized alternatives are possible
Anybody who uses Airbnb knows that the company is resting on its laurels as the first mover in the home-sharing economy 1.0, but its dominance rests atop...
Blockchain trading platform INX completes $125M SEC-approved token IPO
INX Limited has completed the first-ever Securities and Exchange Commission-approved token sale event via an initial public offering.According to a release...
Exchange tokens bounce from key support levels as COIN looks for direction
A lot of hype was built up before the Coinbase listing on the Nasdaq on April 14 and several cryptocurrencies rallied in the run-up to the event. However,...
Bitcoin price slides 5% as second day of losses costs Ethereum $2K landmark
Bitcoin (BTC) extended its price drop on Wednesday amid warnings that excessive long positions needed to be flushed out to allow for fresh gains. BTC/USD...
New partnerships send Holo (HOT), Wanchain (WAN) and Origin Protocol (OGN) higher
On March 30 PayPal president and CEO Dan Schulman told Reuters that the online payment giant will allow its U.S. consumers to pay with cryptocurrencies...
Superchief opens first-ever gallery dedicated to NFT art in New York City
Mainstream adoption of nonfungible tokens doesn’t seem to be slowing down anytime soon as the first-ever art gallery dedicated solely to NFT-backed art...
20% Of Banks And Hedge Funds Are Interested in Trading Cryptos – Survey
Despite hazardous fluctuations, which have been shaking up the word of cryptos, bitcoin and its brethren have all the chances to succeed in 2018. The...