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Insurance Council warns against outright ban on ransom payments

Posted On: Apr. 19, 2023 9:47 AM CST


The Insurance Council of Australia has warned the country’s government against a blanket ban on paying ransoms and extortion demands in data breach incidents, iTnews reported. Andrew Hall, chief executive at the Insurance Council of Australia, said that the ban on ransom payments by businesses and/or reimbursements by insurers may have other unintended consequences. Mr. Hall has suggested the government consult further with the insurance industry before taking any definite steps.