How Does the Recent Federal Government Cyber Security Legislation Impact Your Organisation?

Conclusion

The Comprehensive Cyber Security Legislative Package of 2024 represents a significant evolution in Australia’s cyber security framework, introducing robust measures to address emerging threats while strengthening existing protections. Through mandatory ransomware payment reporting, IoT device security standards, and enhanced critical infrastructure protection, the legislation creates a more coordinated and responsive national cyber security posture. The establishment of the National Cyber Security Coordinator and Cyber Incident Review Board demonstrates a shift toward a more collaborative approach between government and industry, supported by limited-use protections that encourage information sharing during incidents.

For organisations, these reforms necessitate immediate action to align internal processes with new compliance requirements. This includes updating incident response plans, revising cyber security playbooks, and ensuring leadership teams understand their expanded obligations. The legislation particularly impacts critical infrastructure operators and businesses exceeding the specified turnover threshold, who must prepare for increased oversight and reporting requirements. While the reforms introduce new compliance obligations, they also provide enhanced mechanisms for government assistance and information sharing that could prove valuable during cyber incidents.

This paper summarises the recent legislation and examines the implications and obligations of organisations.