Governance Institute advocates for key measures to enhance cybersecurity legislation

Governance Institute of Australia has submitted a comprehensive response to the 2023–2030 Australian Cyber Security Strategy: Legislative Reforms consultation paper, outlining key measures to enhance cybersecurity legislation and bolster protections against cyber threats.

One key aspect to Governance Institute’s submission is a recommendation to mandate secure-by-design standards for Internet of Things (IoT) devices. This refers to integrating security features into the design and development process from the ‘get go’, ensuring that security is a fundamental aspect rather than an afterthought.

This initiative aims to address vulnerabilities in consumer-grade smart devices by advocating for the adoption of robust international security standards. By embedding stringent security features into IoT technology, Governance Institute believes it will proactively mitigate risks associated with cyber attacks targeting connected devices.

The submission also emphasises the critical need for timely reporting of cyber incidents, particularly ransomware attacks. Governance Institute’s submission stresses the importance of bolstering information-sharing mechanisms to facilitate swift law enforcement responses and tailored support services for victims. The submission underscores the pivotal role of timely reporting to ensuring collective security action against cyber threats.

In addition to these proactive measures, the submission proposes the establishment of a Cyber Incident Review Board to analyse and disseminate insights taken from major cyber incidents. This review mechanism would conduct ‘no-fault’ incident reviews, identifying cybersecurity shortcomings and informing future resilience strategies. By using lessons learned from past incidents, Governance Institute’s recommendations aim to bolster Australia’s cyber resilience and response capabilities.

On the legislative front, Governance Institute advocates for clear guidance on reporting obligations and enhanced coordination between regulatory frameworks. Effective cybersecurity measures, according to the submission, necessitate close collaboration between government agencies and regulators to minimise regulatory burden and ensure comprehensive protection against cyber threats.

Overall, the submission represents a comprehensive call to action to fortify Australia’s cybersecurity landscape. With cyber risks evolving at a rapid pace, proactive legislative reforms and collaborative efforts are imperative to safeguard critical infrastructure and combat emerging threats effectively.

You can read Governance Institute’s submission on its website.