The Cyber Security Act 2024: What Your Business Needs to Know
In November 2024, the Federal Parliament passed the Cyber Security Act 2024 – a landmark piece of legislation aimed at strengthening Australia’s cyber security posture and elevating the country as a global leader in the field by 2030.
This reform has wide-ranging implications for Australian businesses, especially those with annual turnovers above $3 million. From new reporting obligations for ransomware payments to voluntary disclosures for attacks affecting national security, the legislation introduces a modernised legal framework that demands greater cyber awareness and preparedness across industries.
What the Cyber Security Act Means for Your Business
Whether you’re in financial services, logistics, retail, or healthcare, the new Act introduces several legal and operational changes that could affect how your organisation handles cyber incidents.
Key changes include:
Mandatory ransomware reporting
If your business pays a ransom after a cyberattack, you’re now legally required to report the payment. Non-compliance could result in expensive penalties.
Voluntary disclosures for national security risks
Organisations can now voluntarily report serious cyberattacks that impact Australia’s national security to the National Cyber Security Coordinator – with strict confidentiality protections in place.
New cyber security standards for smart devices
Creation of a Cyber Incident Review Board
Together, these provisions signal a more structured and collaborative approach to addressing cyber threats in Australia.
Why Cybersecurity Training Is Crucial Right Now
These legal changes raise a critical question: Are your staff equipped to recognise, respond to, and report cyber threats in line with the new Act?
According to the Australian Cyber Security Centre (ACSC), ransomware remains one of the most disruptive threats to Australian businesses. But many breaches start with a simple mistake – an employee clicking a malicious link, ignoring a security update, or failing to report an incident.
This is where comprehensive training makes the difference.
Stay Compliant with Our Updated Cybersecurity Course
Our Cybersecurity course has been fully updated to reflect the Cyber Security Act 2024. It includes:
- Practical guidance on ransomware incident response
- Clear explanations of reporting requirements
- Risk mitigation strategies for employees and management
- Case studies and real-world scenarios
Delivered via our powerful Salt LMS, our training ensures your team gains actionable knowledge – accessible anytime, on any device.
A Smarter, Safer Future Starts with Awareness
Cybercrime is not just a tech issue – it’s a human one. That’s why education is key. The Cyber Security Act 2024 gives organisations the legal framework, but training provides the frontline defence.
Empower your team with the knowledge to spot threats early, comply with evolving regulations, and help safeguard your organisation’s future.