Australia’s Cyber Security Act 2024 – Key Objectives and Provisions
Australia has passed the Cyber Security Act 2024 into law on November 29, 2024, following its introduction to the House of Representatives in October. This comprehensive legislation aims to strengthen the country’s cyber resilience by establishing new standards and requirements for both businesses and government responses to cyber threats.
Key Objectives of the Act:
- Improved Cyber Security for internet-connected products -> specific security standards to reduce vulnerabilities.
- Reporting on ransomware payments to enhance transparency in response to cyber extortion.
- Government coordination of cyber incidents by a national cyber security coordinator
- Cyber Incident Review Board to investigate major cyber incidents and provide recommendations to mitigate future risks.
- Encouraging information sharing to improve the response to cyber security incidents and minimize their impact.
This legislation marks a significant step forward in Australia’s efforts to mitigate cyber threats and improve response capabilities across industries and government sectors.
