Strengthening Australia’s cyber security regulations and incentives
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To support a burgeoning digital economy and respond to a growing threat environment, including ransomware, the government is exploring tighter cyber security legislation and incentives. Cyber insurance is definitely one of the ways but more is necessary.
A lack of effective cyber risk governance supervision could result in a loss of customer confidence, reputational damage, regulatory action, and litigation. Boards and senior management should have proper control of their organization’s cybersecurity posture to avoid such dangers.
Australia’s Ransomware Action Plan
This year on 13th October, the Minister for Homes Affairs unveiled the Australian Government’s Ransomware Action Plan (Plan). It lays out a number of ideas aimed at combating the threat of ransomware. This includes increased cybercrime notification requirements and criminal penalties. The plan covers three important points such as –
Prepare for and prevent attacks by strengthening cyber resilience; assist victims in responding to and recovering from attacks by providing more support; disrupt and deter cybercriminals by strengthening Australia’s legislative framework and taking more offensive action to increase the risk of capture for criminals.
And, just like any other plans, there will be a number of programs and campaigns that can help raise awareness. Many publications are being worked on that can explain the common people better about this new plan. There will be regulatory reforms that can uplift the cyber security posture of the country. “Operation Orcus” has been established which is a multi-agency taskforce led by the Australian Federal Police and are responsible for targeting ransomware threats not just inside the territory but overseas as well; and it has been named as “Australia’s strongest response to the surging ransomware threat”.
The Plan’s measures aim to help businesses by cracking down on ransomware. It will also add to the strain on businesses to comply with more strict cyber security and notification duties while navigating regulatory bodies’ expanded capabilities.
Australia’s Cyber Security Strategy 2020
The Australian Government announced Australia’s Cyber Security Strategy 2020 on August 6, 2020.
The Australian Cyber Security Strategy 2020 will invest $1.67 billion over ten years to realise their vision of a safer online world for Australians, businesses, and the critical services that everyone relies on. It will be supplied through the following methods:
- Governments taking steps to better protect Australians, businesses, and key infrastructure from sophisticated and complicated threats
- Businesses are taking steps to secure their products and services, as well as to protect their customers from known cyber vulnerabilities
- Community action to promote safe online behaviour and make well-informed shopping decisions
While the Australian Government is driving this strategy, it is important to recognise the critical role that state, territory, and municipal governments, industry, academics, foreign partners, and the greater community play in bolstering Australia’s cyber security. Government, business, and the community all have a role to play in putting this plan into action.
Extensive consultation inspired Australia’s Cyber Security Strategy 2020. Between September 2019 and February 2020, the authorities held face-to-face discussions with over 1,400 people from across the country, including workshops, roundtables, and bilateral encounters.
Strengthening Australia’s cyber security regulations and incentives
The Australian Government launched a consultation on proposals for legislative reforms and voluntary incentives to boost the cyber security of Australia’s digital economy on July 13, 2021. On August 27, 2021, submissions to the discussion paper Strengthening Australia’s Cyber Security Regulations and Incentives ended.
It is critical to have a strong ‘co-regulatory strategy’ combining government, industry, and the general public. The authorities believe that substantial community involvement, rather than focusing just on government and corporate partners, is critical to the effectiveness of cybersecurity policy. Because of the intended cybersecurity labelling system, this is very significant.
