Australia introduces new cyber security law

On 25 November 2024 the Australian Government's cyber security legislative reform package passed both Houses of Parliament and received Royal Assent on 29 November 2024. The comprehensive reforms include the introduction of Australia’s first standalone cyber security law, the Cyber Security Act 2024 (Cth)(Cyber Act).

The reforms are designed to implement the key initiatives of the Government’s 2023-2030 Australian Cyber Security Strategy to bolster Australia's cyber defences and enhance cyber resilience across Australia's economy.

In this update we will explore some of the key elements of the Cyber Act that are likely to have practical impact upon businesses operating in the technology industry.

Mandatory ransomware payment reporting

Mandatory IoT security standards

Practical Takeaways

To help ensure compliance with the Cyber Act, businesses should consider the following:

• Undertaking reviews of their existing cyber security policies and practices including by making any necessary updates to their cyber incident and data breach response plans to reflect the new obligations imposed by the Cyber Act.

• Monitor for the release of any applicable IoT security standards.

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