Cyber-security and Privacy Act Reforms

Australia drives forward with its mission to be a leader in cyber-security, with Cyber-security and Privacy Legislative change

Snapshot

The Australian government has passed into law the first part of a landmark cyber-security legislation “package”
to provide additional protections for Australia’s cyber environment, and critical infrastructure.

The legislation, spearheaded by Cyber Security Minister, Tony Burke, marks a significant step in addressing Australia’s vulnerabilities to online attacks.

In addition to the introduction of a new Cyber Security Bill 2024, the package will also progress and implement reforms under the Security of Critical Infrastructure Act 2018 (SOCI Act).

What's covered in the report?

• The key provisions of the Cyber-security Bill, Security of Critical Infrastructure Act 2018 Reform, and the Privacy Amendment Bill.

• The impact on insurance - as regulatory and compliance requirements grow more stringent, the cost of insuring
  against cyber threats is expected to increase. Additionally, Insurers will need to factor in heightened litigation risks when setting premiums and determining coverage. At the same time, insurers may impose more exclusions or limitations in their policies

• Considerations for unforeseen issues that can arise and the operational costs as a result.

• Moreover, the introduction of a new privacy tort raises the likelihood of increased litigation, potentially leading to class action lawsuits.

• Guidance on cyber-security investments, and cyber risk management strategies.

• The report also highlights how insurance acts as an enabler - providing industry standards regarding comparable claims, losses and associated causes to provide insight into best-practice, eligibility and pricing.

Future outlook

As Australia seeks to position itself as a leader in cyber-security by 2030, the unified effort of government, industry, and the community will be vital.

The introduction of these laws’ marks only the beginning, with further reforms expected.

Staying ahead of these changes will not only help businesses avoid penalties but will also enable them to build resilience against the growing cyber threats that define the digital age.

Learn more - download today

Download our Cyber-security and Privacy Act Reforms report on the right for desktop users and at the bottom for mobile users.