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Australia: Cyber Security Act 2024 Becomes Law

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The Cyber Security Act 2024 received Royal Assent, officially becoming law. This Act is a key component of the Cyber Security Legislative Package, which implements seven initiatives under the 2023–2030 Australian Cyber Security Strategy.

The legislative package was developed through an extensive consultation process, including:

  • The release of the Cyber Security Legislative Reforms Consultation Paper in December 2023.
  • Targeted consultation on an Exposure Draft package in September 2024.

 

Goals and Scope

The Cyber Security Act aims to address legislative gaps, aligning Australia with international best practices and positioning the nation as a global leader in cyber security.

Key Measures Introduced by the Act:

  1. Mandating Minimum Standards for Smart Devices:

    • Establishes baseline cyber security requirements for smart devices sold in Australia.
  2. Mandatory Ransomware Reporting:

    • Requires specific businesses to report ransomware and cyber extortion payments to the government.
  3. Limited Use Obligation for the National Cyber Security Coordinator:

    • Encourages industry collaboration with the government during cyber incidents, ensuring a coordinated response.
  4. Cyber Incident Review Board:

    • Establishes a board to review significant cyber incidents and share lessons learned to improve resilience.

This landmark legislation marks a significant step in strengthening Australia’s cyber security framework, fostering collaboration between industry and government, and enhancing the country’s ability to respond to cyber threats.

For more details, please contact us.

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