The Australian parliament has passed a landmark bill, the Cybersecurity Bill 2024 into law. This is the first cybersecurity law in the country.
According to information on 25 November, the bill is a part of a broader Cyber Security Legislative Package 2024 introduced to the parliament last month.
Passing the bill into law is also a big step in advancing the 2023–2030 Australian Cyber Security Strategy and is said to position Australia as a global leader in cyber resilience.
Why it is important
The Cyber Security Bill 2024 is a critical bill for the country. First, it will play a critical role in protecting Australia’s critical infrastructure and the digital space as a whole.
It also focuses on strengthening the national defences from the perspective of the whole economy and not just a single sector. This approach also builds the trust of Australians in digital products, which will increase participation in the global digital economy.
Perhaps the biggest impact will be in the area of disrupting ransomware and enhancing transparency in cyber threat management. This will be achieved with certain measures the law enforces.
First, there are mandatory security standards put in place for smart devices to protect consumers. Secondly, businesses are required to report ransom payments for a clearer threat landscape.
The law also supports the creation of a Cyber Incident Review Board (CIRB) for post-incident analysis and recommendations, as well as enhanced information sharing between industry and government for effective action.
Leading in cyber resilience
Australia has set itself on the path to becoming a leader in cyber resilience with the new law. With the proposed changes enforced by this law, many changes can be realized to secure the cyber space in the country.
This can have a wider impact beyond Australia, and also serve as inspiration for other countries to do same.
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