Australia's first Cybersecurity Act hits parliament

ICYMI, last week a proposed new Cybersecurity bill hit parliament which will be our first Standalone Cybersecurity Act here in oz, and references and builds on the 2023-2030 Australian Cyber Security Strategy and the Security of Critical Infrastructure Act 2018.

Among other areas, the bill directs manufacturers of smart devices to comply with new security standards and obliges companies to now have to report any ransom payment in the event of ransomware attack, as well as establish a “Cyber Incident Review Board," and orients government communication channels and resources to better address cybersecurity issues.

Division 7 is focused on board obligations for any directors or c-suite that are reading this post.

You can access the bill here: https://parlinfo.aph.gov.au/parlInfo/download/legislation/bills/r7250_first-reps/toc_pdf/24116b01.pdf;fileType=application%2Fpdf

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