Should insurers pay ransoms? Government seeks cyber strategy feedback

The Federal government is seeking feedback until mid-April on the development of a 2023-2030 Australian Cyber Security Strategy.

A discussion paper has been released after Prime Minister Anthony Albanese led a roundtable, which was attended by experts focused on making Australia “the most cyber secure nation.”

Among the discussion questions posed is “Should the Government prohibit the payment of ransoms and extortion demands by cyber criminals by victims of cybercrime; and/or insurers? If so, under what circumstances?”

The discussion paper then asks “What impact would a strict prohibition of payment of ransoms and extortion demands by cyber criminals have on victims of cybercrime, companies and insurers?”

A National Office for Cyber Security with a dedicated coordinator is to be established within the Department of Home Affairs to ensure a centrally coordinated approach to the government’s cyber security responsibilities.

Minister for Home Affairs and Cyber Security Clare O’Neil says the Government has a central role in ensuring “everyone is pulling their weight.”

“We cannot sleepwalk into our cyber future. I want Australia to be the world’s most cyber secure country by 2030,” she said.

“It will take a concerted effort. Industry needs to put cyber security at the heart of its business decisions and practices.”

Mr Albanese says the roundtable discussed incentivising best practice cyber behaviours, growing Australia’s cyber security sector and raising national cyber awareness to shape a new strategy “in the face of rapidly evolving threats.”

Strengthening Australia’s cyber security is a fundamental priority and “essential to the way every Australian lives,” he said.

“This is a fast-moving, rapidly-evolving threat and for too many years, Australia has been off the pace. Our government is determined to change that,” Mr Albanese said.

“Cyber security is as important and essential as the shop having a lock on the door. We need all Australian businesses to be able to protect themselves and … their customers.”

An Expert Advisory Board to advise the government on development of the national cyber strategy is chaired by former Axa Asia Pacific Holdings and Telstra CEO Andrew Penn. On the board are former Air Force chief Mel Hupfeld and CEO of the Cyber Security Cooperative Research Centre Rachael Falk.

The 26-page discussion paper can be accessed here and feedback and submissions can be registered here.