The Cyber Security Bill mandates several key measures to close existing gaps in cybersecurity law. One of the most important initiatives is the introduction of mandatory cybersecurity standards for Internet of Things (IoT) devices, such as smart doorbells and watches. These standards will enforce secure default settings, unique passwords, and regular security updates, which are aimed at protecting consumers and organizations from cyberattacks.
In addition to IoT regulations, the bill introduces a mandatory ransomware reporting requirement for critical infrastructure organizations. These entities will be required to report any ransomware payments to the Australian Signals Directorate and the Department of Home Affairs within 72 hours of making or becoming aware of such payments. Non-compliance with this measure may lead to civil penalties, reinforcing the government’s commitment to transparency and accountability in addressing ransomware threats.
The legislation also seeks to reform the Security of Critical Infrastructure Act 2018 (SOCI Act), which will clarify and enhance existing obligations related to critical business systems. This reform will facilitate better information sharing across sectors and between industries and government, ultimately improving Australia’s response to cyber incidents.
Through extensive consultations with industry and community stakeholders, the Cyber Security Bill 2024 aims to establish a proactive, secure framework, preparing the nation to prevent and mitigate cyber threats more effectively.
Source: The Cyber Express
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