The Australian government has introduced a landmark cyber security legislation aimed at protecting businesses and consumers from the rising tide of cyber crime. The new laws have a strong focus on victims of ransomware attacks, requiring them to report payments to authorities. This will help track cyber criminal activities and understand the financial impact of ransomware.
The legislation will also upgrade the investigative powers of the Cyber Incident Review Board and introduce new minimum cyber security standards for all smart devices. Organisations in critical infrastructure will be required to strengthen programs used to secure individuals’ private data. The legislation will require careful implementation to balance national security, business operations, and individual privacy rights.
