Disclosure Obligations for Cyber Ransom Payments: A New Cyber Security Act is Coming
By Cameron Abbott, Rob Pulham, Stephanie Mayhew, Dadar Ahmadi-Pirshahid and Lauren Hrysomallis
A new Cyber Security Act is set to be unveiled in Parliament’s next sitting from 12 August, as reported by the ABC. The proposed Act would require Australian businesses and government bodies to disclose when they make a ransom payment to cybercriminals in the event of a hack, or face penalties of up to AU$15,000 for failing to notify.
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