Australia’s first cyber security bill passes – what does this mean for businesses?
On 25 November 2024, Australia’s first cyber security bill passed into law.
It forms part of the government’s 2023-2030 Australian Cyber Security Strategy, and supports the broader cybersecurity legislative package that sees the Australian Government committed to enhancing the security and resilience of the country’s cyber environment and critical infrastructure.
In summary, the bill provides for:
mandatory security standards for smart devices.
mandatory obligations on certain businesses to report ransomware and cyber extortion payments.
a ‘limited use’ obligation that restricts how cyber security information voluntarily provided to the National Cyber Security Coordinator can be used and disclosed.
the establishment of a Cyber Incident Review Board to conduct post-incident reviews into significant cyber security incidents.
Jordan Albaladejo, IT Technician at C5IT, has responded favourably to the new legislation.
"As a technician in this field, I’ve witnessed firsthand the challenges of helping clients and partners achieve a meaningful level of cyber resilience and security. Without adequate funding, education, or organisational support, many businesses remain vulnerable, becoming prime targets for cybercrime.
“The inaugural Australian Cyber Security Strategy has the potential to be a game-changer, offering not only enforcement to drive businesses toward a baseline of cyber maturity but also the much-needed support to get there. With a heightened focus on incentives, community training, and what the Australian government is calling the ‘one-stop shop,’ this initiative aims to provide small businesses with tailored assistance suited to their unique circumstances, capabilities, and levels of cyber risk.
“With these changes, businesses can be empowered towards proactive security measures, rather than reactive. Leading to the probability of less and less large-scale breaches and less cyber-in-secure horror stories,” Jordan said.
The government’s 2023-2030 Australian Cyber Security Strategy outlines that ‘Cyber security is not just good practice; it’s good business’ and that ‘A clear understanding of how to manage cyber risks is essential for Australian businesses embracing the digital economy’.
“As a trusted managed IT provider with a focus on security and alignment with the Government’s standards, we are committed to partnering with you on the journey to achieve cyber resilience and security. Our goal is to help your business not only comply with the emerging cybersecurity legislation but thrive in an ever-evolving digital landscape.
“We’re here to do the heavy lifting in this domain, empowering your business to focus on what it does best while ensuring it remains as cybersecure as possible,” Jordan concluded.
View the Bill here.
Ask us how we can help keep your systems safe and compliant.
