Cyber Security Bill 2024 — Australian government
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Intro
The Cyber Security Bill 2024 introduced by the Australian government seeks to enhance the country’s defence against rising cyber threats, focusing on both national security and economic protection. It builds on the 2023–2030 Australian Cyber Security Strategy, which outlines six key “cyber shields” aimed at strengthening cyber resilience across multiple sectors, from businesses to critical infrastructure
Key Highlights of the Bill:
- Mandatory Reporting of Ransomware Payments: One of the key proposals is requiring businesses to report ransomware payments, aiming to disrupt the business model of cybercriminals.
- Setting Cybersecurity Standards: The bill outlines setting specific standards for smart devices and critical sectors to ensure better defence mechanisms.
- National Threat Intelligence Sharing: It aims to build a comprehensive, whole-of-economy threat intelligence sharing system, allowing businesses and government entities to share information in real-time and block threats at scale.
- Cybersecurity Support for Businesses: The bill focuses on helping small and medium-sized enterprises strengthen their cybersecurity posture, offering free health checks and guidance, along with recovery assistance in case of incidents.
- Securing Critical Infrastructure: The bill also strengthens the obligations for critical infrastructure providers, ensuring they can withstand and recover from cyberattacks.
The legislation reflects the Australian government’s commitment to creating a more secure digital environment, promoting international cooperation, and holding businesses and malicious actors accountable for cyber activities.
The 2023–2030 Australian Cyber Security Strategy
The 2023–2030 Australian Cyber Security Strategy aims to position Australia as a world leader in cybersecurity by 2030. It highlights the need for enhanced national defenses against growing cyber threats, emphasizing both legislative and non-legislative measures.
The strategy proposes that manufacturers of smart devices (IoT) adhere to mandatory security standards to reduce vulnerabilities that hackers exploit. This aligns with international standards like ETSI EN 303 645, ensuring that devices sold in Australia are secure by design.
To better understand the scope of ransomware attacks, the strategy proposes mandatory reporting for businesses impacted by ransomware. This would provide critical data to law enforcement and cybersecurity agencies to combat cybercriminal activities.
A Cyber Incident Review Board would conduct post-incident reviews, drawing lessons from significant cyber incidents to improve national resilience. The board would operate on a no-fault basis, focusing on systemic improvements rather than assigning blame.
Finally, amendments to the Security of Critical Infrastructure Act 2018 would further safeguard critical data and enhance response mechanisms to major incidents.
These reforms reflect Australia’s broader goal of creating a secure digital economy, protecting citizens, and ensuring national security.
References
Cyber Security Bill 2024: https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r7250
Introduction of landmark Cyber Security Legislation Package: https://www.homeaffairs.gov.au/news-media/archive/article?itemId=1247
Also, refer to a series of articles detailing how SOCFortress can help organisations to improve their security posture and align their Cybersecurity strategy with the recommendations published in the Cyber Security Bill 2024:
About OT and Cybersecurity
The bill strengthens the obligations for critical infrastructure providers, ensuring they can withstand and recover from cyberattacks.
In the following weeks, SOCFortress will publish a series of articles describing how our security solution can help organisations to monitor network activity and protect OT environments.
The main topics that will be covered are:
- Physical Security
- Network Segmentation
- Strict Access Control
- Patch Management
- Network Monitoring and Intrusion Detection
- Incident Response Plan
- Vendor and Third-Party Risk Management
- Security Awareness and Training
Need Help?
The functionality discussed in this post, and so much more, are available via the SOCFortress platform. Let SOCFortress help you and your team keep your infrastructure secure.
Website: https://www.socfortress.co/
Contact Us: https://www.socfortress.co/contact_form.html
