Companies to Report Cyber Ransom Demands as Part of New Government Strategy
In an effort to enhance cyber security measures, companies will soon be obligated to report cyber ransom demands, according to the Albanese government’s upcoming cyber security strategy. This initiative marks the country’s first no-fault mandatory reporting system.
Alongside the reporting requirement, major telecommunications companies will also be mandated to implement new or updated cyber risk management programs, as outlined in the government’s strategy. Non-compliance with these regulations may result in substantial penalties, potentially reaching hundreds of thousands of dollars.