Government Introduces Cyber Security Bill 2024 to Parliament
Cyber Security Minister Tony Burke highlighted that the bill mandates businesses to report ransomware payments to help the government better understand extortion trends and improve support for industry. This legislative package follows years of rising ransomware incidents, including consultations with industry, and reflects the government’s commitment to achieving world-leading cyber security by 2030.
The bill also introduces mandatory security standards for smart devices, ensuring safer consumer technology, and establishes an independent cyber incident review board to assess significant breaches, inspired by the U.S. model. Additionally, amendments to the Security of Critical Infrastructure (SoCI) Act will empower regulators to address risks to national stability and broaden the law’s scope to secondary infrastructure systems. These reforms aim to strengthen incident response, foster collaboration across sectors, and reduce administrative burdens.