Recent developments in cyber security legislation are poised to reshape how organisations approach security and compliance, ushering in a new era of digital responsibility.
As businesses increasingly rely on digital infrastructures, vulnerabilities also grow. To address these vulnerabilities, a new legislative package is currently being prepared, aimed at closing gaps in existing laws and setting the stage for a more secure digital environment.
This comprehensive package includes proposals for secure design standards for Internet of Things (IoT) devices, such as CCTVs, robotic appliances, and Bluetooth-enabled gadgets, which have been under-regulated despite their prevalence in both consumer and industrial settings.
Moreover, the new legislation seeks to standardise ransomware reporting obligations, requiring entities to report both the incident and any ransom paid. This move is expected to provide a more comprehensive overview of cyber threats at a national level, enabling more informed and effective government strategies against cybercrime. More details on this legislative package can be found in the Cyber Security Bill 2024.
One of the significant aspects of the proposed changes includes the broadening of definitions within the Standards of Cyber Infrastructure (SOCI) and providing the government with the authority to direct organisations to undertake specific actions when critical infrastructure risks surpass certain thresholds. This indicates a shift towards more proactive government involvement in private sector cyber security practices, potentially leading to increased regulatory oversight.
In parallel, sectors like aged care and financial services are also seeing tailored updates. The digital strategy and action plans for aged care have been made public, pointing towards a digitised future that demands robust cyber defences to protect sensitive data and ensure service continuity. These plans can be accessed via the Department of Health's website.
The financial sector is not left behind, with CPS230 highlighting operational risk management. Organisations in this sector—and those supplying to it—must now navigate new compliance checks and risk management protocols, emphasising the need for resilience and continuity in business operations. Details on CPS230 are available on the APRA website.
The revisions to the Privacy Act are particularly noteworthy, introducing a draft bill that targets major privacy concerns but still falls short of addressing all the issues previously raised in consultations. Notable amendments include the establishment of a Children’s Online Privacy Code and enhanced powers for the Office of the Australian Information Commissioner (OAIC), which will soon be able to issue infringement notices and impose penalties up to $330,000, streamlining enforcement and compliance actions. The draft bill and its implications are discussed in more detail here.
Additionally, the Scams Prevention Framework, currently open for industry consultation, reflects a concerted effort to tackle the pervasive issue of scams. With proposals to enhance the roles of social media platforms, telecommunications companies, and financial institutions in preventing scam activities, this framework represents a collaborative approach to cyber security, potentially setting a precedent for future legislative measures. Stakeholders can review and provide feedback on this framework through the Treasury website.
For organisations, these legislative changes translate into a need for a strategic overhaul of cyber security measures. Businesses must now ensure they not only comply with the new laws but also possess the agility to adapt to ongoing amendments and updates. Compliance will require robust risk management frameworks, updated privacy policies, and possibly significant investments in cyber security technologies and expertise.
Organisations should also take an active role in the consultation processes to influence legislation that impacts their operations. Staying informed and engaged with these developments is crucial, as the legislative environment around cyber security is dynamic and can have far-reaching consequences for all sectors.
As the digital landscape continues to evolve, so too must the frameworks that govern it. The new cyber security legislation presents both challenges and opportunities for organisations. By embracing these changes and participating in shaping the policies that affect their operations, businesses can ensure that they not only comply with the new regulations but also strengthen their defences against the ever-growing threat of cybercrime.
It’s a pivotal moment for organisations to reassess their cyber security posture and prepare for a future where digital resilience is paramount.
Diamond IT can help you ensure your cyber security posture aligns with best practice to protect you from the ever-evolving cyber threat landscape. Our Business Technology Managers (BTMs) are specialists in improving your internal cyber security and we provide:
If you need advice on how you can ensure your cyber security strategy is fit for purpose our team of cyber security experts are ready to help. Contact our team on 1300 307 907 today.