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ARTICLE · 17 OCTOBER 2024

Mandatory reporting of ransomware payments may soon be law. What you need to know

Piper Alderman
Piper Alderman
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Piper Alderman

Piper Alderman

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Government introduced into Parliament legislation to create a standalone Cyber Security Act.

AustraliaTechnology
Craig Subocz
Craig Subocz
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On 9 October 2024, in accordance with its 2023-2030 Cyber Security Strategy, the Government introduced into Parliament legislation to create a standalone Cyber Security Act, which would mandate an obligation to report ransomware payments.

As we wrote in our December 2023 Insight (which you can read here), the Commonwealth Government outlined a new Cyber Security Strategy, the centrepiece of which was a standalone Cyber Security Act as one of the "shields" to make Australia a "world leader in cyber security by 2030". Ten months later, the Government has introduced into Parliament legislation to establish the Cyber Security Act.

According to the current Cyber Security Minister, the Hon. Tony Burke MP, the "creation of a Cyber Security Act is a long-overdue step for our country and reflects the government's deep concern and focus on these threats. The legislation ensures we keep pace with emerging threats, positioning individuals and businesses better to respond to,

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