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Australia passes the first cybersecurity act closing gaps in existing legislation and providing new power for the Australian government to;1. Enable the Minister for Cyber Security to prescribe mandatory cyber security standards for smart devices to give Australians assurance the devices they purchase aren’t putting them at risk.2. Require certain businesses to report ransom payments, so government cyber experts can build a better picture of the threat landscape;3. Give effect to a ‘limited use’ obligation for the National Cyber Security Coordinator and the Australian Signals Directorate (ASD) to facilitate rapid and open sharing of information during a cyber security incident; 4. Establish a Cyber Incident Review Board (CIRB) to conduct no-fault, post-incident reviews of significant cyber security incidents in Australia and make concrete recommendations to aid in the prevention, detection, response, and minimization of cyber incidents in the future.This is a further example of a nation state moving ahead and ratifying cyber regulation and building the foundation for the management of cybersecurity risk. One wonders the next steps the Australian Government will take to strengthen cybersecurity risk management?The ASIC recently made clear its intention to hold boards of covered entities accountable for cybersecurity risk management.@Thaddeus Dziekanowski Brian D. McCarthy Faisal KhanVeritas GRC Australian Government #cybersecurity #cyberriskmanagement #cyberregulation
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