Australia has implemented new rules requiring organizations with an annual turnover of over AUS$3 million to report any ransomware payments made. Reports must be submitted to the Australian Signals Directorate within 72 hours and include detailed information about the payment and the cyber incident. Non-compliance could lead to civil penalties.

Automating compliance is essential for organizations to manage risk effectively, as it alleviates pressure on security postures by mapping and monitoring regulatory overlaps. The article provides insights into the steps for automating compliance and highlights the benefits of compliance automation in mitigating risks. It encourages organizations to leverage resources like infographics and webinars for deeper understanding and implementation strategies.

Banks are urging the SEC to withdraw its proposed requirements for disclosing cyberattack incidents, arguing that such disclosures could undermine their competitive position and customer trust. The financial institutions believe that the current disclosure framework is overly burdensome and does not effectively enhance cybersecurity measures.