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Australia’s inaugural standalone cyber security legislation, the Cyber Security Bill, came into effect on 29 November 2024. This pivotal law mandates that certain businesses report ransomware and cyber extortion payments, aiming to enhance transparency and bolster defences against cyber threats. For legal professionals and conveyancers, who handle sensitive client data, understanding and adhering to these new requirements is crucial to safeguard both their practices and client trust.
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The reporting obligations apply to Australian businesses with an annual turnover exceeding AU$3 million and entities responsible for critical infrastructure assets, as defined by the Security of Critical Infrastructure Act 2018, irrespective of turnover. Affected organisations must report to the Australian Signals Directorate and the Department of Home Affairs within 72 hours of making a ransomware payment or becoming aware of such a payment. Compliance with these requirements is essential to mitigate the impact of cyber threats and maintain client confidence.
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For a comprehensive understanding of the Cyber Security Bill and its implications for your practice, read the full blog.