Canberra's new cybersecurity moves may not be enough

Significance

The new bill, which would require companies with a turnover of AUD3mn (USD2mn) to disclose payments made in response to ransomware attacks and is part of a suite of infrastructure resilience measures, comes after warnings that organised crime gangs are capitalising on corporate reluctance to risk reputational damage by revealing cyber incidents.

Impacts

• The need for political compromises may weaken some aspects of the reforms, and so raise doubts about the effectiveness of the legislation.
• Businesses are unlikely to cooperate with the government unless safeguards are in place to protect sensitive data.
• The reforms will not ease concerns over the fragmented regulatory framework and chronic skill shortages affecting the cyber sector.