Canberra's new cybersecurity moves may not be enough

Significance The new bill, which would require companies with a turnover of AUD3mn (USD2mn) to disclose payments made in response to ransomware attacks and is part of a suite of infrastructure resilience measures, comes after warnings that organised crime gangs are capitalising on corporate reluctance to risk reputational damage by revealing cyber incidents. Impacts The need for political compromises may weaken some aspects of the reforms, and so raise doubts about the effectiveness of the legislation. Businesses are unlikely to cooperate with the government unless safeguards are in place to protect sensitive data. The reforms will not ease concerns over the fragmented regulatory framework and chronic skill shortages affecting the cyber sector.