Cyber security regulations are put in place by governments and industry groups around the globe to protect sensitive information and safeguard digital systems. ‘
They provide guidance on how to prevent cyberattacks, how to respond when an attack occurs, and where to report it.
For businesses, compliance is not only a legal requirement but also a crucial risk management strategy. Failing to comply with cybersecurity regulations exposes businesses to serious risks such as:
- Financial penalties for failing to meet obligations
- Reputational damage from data breaches and publicised non-compliance
Operational disruption caused by system downtime and ransomware attacks
- Legal liability for directors and executives who fail to manage cyber risks
By following cyber security regulations, you put your business in a stronger position to prevent attacks and protect valuable data.
How to Prevent Cyber Attacks
Cyber threats are constantly evolving, making it essential to implement robust security measures and stay informed about best practices.
Here are some effective strategies to safeguard from malicious attacks.
Multi-Factor Authentication (MFA)
Passwords alone are often not enough to keep attackers out. MFA requires users to provide a second verification method, such as a code sent to your mobile device or a biometric scan. This extra step makes it far more difficult for hackers to get into your account and gain access to your information.
Many cyber security regulations in Australia now expect businesses to have MFA in place as part of basic compliance.
Keep Systems and Software Updated
Outdated software is a common entry point for cyber criminals. Every piece of software will have some flaw. Over time, updates will help patch these vulnerabilities.
Hackers frequently use publicly available exploit kits to scan for vulnerabilities in outdated software to deliver malware, spyware and ransomware.
A well-known example of this is the WannaCry ransomware attack in 2017, which infected more than 200,000 computers across 150 countries. The attack exploited a known Windows vulnerability called EternalBlue, which Microsoft had already patched two months earlier. Organisations that failed to update their systems were left defenceless.
Keeping your systems updated will give you access to the latest security protections and reduce the risk of falling victim to similar attacks.
Train Staff in Cyber Awareness
Human error remains one of the leading causes of cyber incidents. Employees should be trained to recognise phishing emails, suspicious attachments, and social engineering attempts.
Regular cyber security awareness training reinforces good habits, keeps security front of mind, and helps minimise risks across the organisation.
Where to Report Cyber Attacks
Australian Cyber Security Centre (ACSC)
If your business is hit by ransomware, phishing, or a data breach, then ACSC is your first stop.
You can report incidents through their online tool or by calling their 24/7 hotline on 1300 CYBER1 (1300 292 371). Sharing your experience helps protect not just your business but also the wider community.
Office of the Australian Information Commissioner (OAIC)
Under the Notifiable Data Breach (NDB) scheme, an organisation or agency must notify affected individuals and the OAIC about an eligible data breach:
- there is unauthorised access to or unauthorised disclosure of personal information, or a loss of personal information, that an organisation or agency holds
- this is likely to result in serious harm to one or more individuals, and
- the organisation or agency hasn’t been able to prevent the likely risk of serious harm with remedial action.
To notify the OAIC of a data breach, you must complete the online Notifiable Data Breach (NDB) form on the OAIC website. The information provided in the NDB form is used for notification to the OAIC and affected individuals.
Cyber Regulations and Security Laws in Australia
Australia’s privacy and cyber security environment is regulated by extensive laws designed to protect personal information and promote responsible data handling by organisations.
Privacy Act 1988
Who it applies to: Businesses with an annual turnover of $3 million, private sector health service providers, businesses that trade in personal information and contractors under Commonwealth contracts.
The Privacy Act governs how personal information is collected, stored and used. It includes the Notifiable Data Breaches Scheme (NDB), which requires organisations to notify affected individuals and the Information Commissioner if a breach is likely to cause serious harm.
Other key principles include:
- Collection & Use Limitation: Organisations must only collect personal information necessary for their legitimate activities. They must obtain consent where necessary.
- Data Quality: Organisations must maintain accurate and up-to-date personal information to ensure that it is relevant and useful.
- Purpose Limitation: Personal information can only be used for its intended purpose unless authorised by law or with the individual’s consent.
- Security Safeguards: Organisations need to take reasonable steps to protect personal information from misuse, interference, loss, disclosure or unauthorised access.
- Openness & Transparency: Organisations must have clear policies and clearly explain how they manage personal information.
- Access & Correction: Individuals must have access to their personal information held by organisations and be able to request corrections.
Cyber Security Strategy 2023-2030
Who it applies to: All Australian businesses and government agencies.
The Cyber Security Strategy is the Australian Government’s long-term vision to make Australia one of the most cyber-secure nations in the world by 2030. It’s a roadmap towards strengthening cyber resilience, protecting infrastructure and building public-private partnerships to combat cybercrime.
Key priorities include:
- Education: Investing in cyber security training to improve national resilience against ransomware, phishing, and other attacks.
- Clearer Regulations: Updating laws and introducing minimum cyber security standards across industries.
- Rapid Responses: Establishing stronger incident response capabilities to contain and recover from large-scale attacks.
- Critical Infrastructure Protection: Expanding obligations for operators of essential services such as healthcare, energy and telecommunications.
The strategy signals an increasing expectation to adopt cyber security best practices in line with government objectives.
Cyber Security Act 2024
Who this applies to: Businesses in sensitive sectors handling large volumes of personal data.
The 2024 Cyber Security Act is designed to strengthen Australia’s overall defence against cyber threats. It builds on existing frameworks and aims to strengthen cyber defences by improving the security of smart devices and enhancing the understanding of cyber threats.
The Act Covers:
- Mandatory Security Standards for Smart Devices: From 4 March 2026, all manufacturers and suppliers must meet baseline security requirements for smart devices sold in Australia. Devices cannot use universal default passwords, must provide a way to report vulnerabilities, and must publish a defined security update period.
- Mandatory Ransomware Reporting: From 30 May 2025, businesses in Australia with an annual turnover above $3 million and operators of critical infrastructure must report any ransomware or cyber extortion payments. Reports must be lodged within 72 hours and include details of the incident, the demand, the benefit provided and any related communications.
- Cyber Incident Review Board: The Cyber Incident Review Board will review significant cyber incidents and recommend ways to strengthen prevention, detection and response. The purpose of the board is to ensure that Australia has a formal way to review cyber incidents and recommend improvements to national cyber resilience.
- Limited Use: Information voluntarily shared with ASD about a cyber incident cannot be used for regulatory action or legal proceedings against the reporting entity (except in limited cases). This is to help build trust and encourage faster reporting.
Ledge Finance are leading business finance brokers in Australia.
We can facilitate a range of business and equipment loans to support your cyber security goals, along with other business requirements. Get in touch for more information.
