Government launches cybersecurity strategy
On April 21, the Australian Federal Government announced its new $230m four-year cybersecurity strategy. The strategy has 33 initiatives sorted under five key themes (i) Building a national cybersecurity partnership, (ii) Strengthening cyber defenses, (iii) Global responsibility and influence, (iv) Growth and innovation, and (v) Creating a cyber smart nation. The Strategy stresses the importance of the private sector in strengthening Australia's cybersecurity. Initiatives will include the private sector being asked to consult with Government to devise national voluntary cybersecurity guidelines.
In related news, on March 7, ASIC released its first assessment report on the cyber resilience of ASX and Chi-X who both meet their statutory obligations to have sufficient resources for the management of cyber resilience. The report also outlines emerging good practices implemented by firms within the financial sector. The report further identifies key areas for organizations to focus on including comprehensive and ongoing board engagement and responsive governance practices including cyber awareness training and implementing defensive technology.
