On the 27 August 2021, CA ANZ provided feedback to the Department of Home Affairs on the strengthening Australia’s cyber security regulations and incentives discussion paper.
The objective of the discussion paper is ‘to reduce the social and economic impacts of cyber security incidents to Australia’s digital economy and society’ which CA ANZ supports.
Main points of submission:
- The Government’s role will be pivotal in facilitating continued collaboration for a harmonised approach and highlight the importance for Government to consider the interrelation (and potential overlap) of existing Australian (and international) standards and regulations in areas such as Artificial Intelligence (AI)
- In principle, we support option 1 – voluntary governance standard and suggest this could be incorporated into other existing principles such as the ASX Corporate Governance Principles and Recommendations
- It will be important for Government to provide support to directors of small to medium businesses as well as providing regular updates as cybersecurity is rapidly changing and evolving.
- We support greater support to small business which includes cyber health checks for small businesses.