Information Security at InfoTrack

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.

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.

For a comprehensive understanding of the Cyber Security Bill and its implications for your practice, read the full blog.

• Change all your online account passwords
• Set up multi-factor authentication
• You should also be extra vigilant and watch out for any phishing or spam emails and SMS messages. Never click on suspicious links or provide any personal information unless you’re sure of the source.
• Keep yourself updated on the situation by contacting the organisation to understand the extent of the data breach. You may need to talk to your service providers to protect any account or credit card details that might have been compromised.