By Gill Collins ,
Head of Cyber Incident Management and Cyber Advisory, Marsh Pacific
26/11/2023 · 5 minute read
On 22 November 2023, the Australian Government released its long-awaited 2023-2030 Australian Cyber Security Strategy. This strategy was the result of intensive consultation and aims to work towards making Australia a world leader in cyber risk management and security. It will be delivered in three phases over the next 7 years, with each phase building on the achievements of the last. This will include a commitment of $587 million to provide increasingly complex layers of defence to fight cybercrime and ensure Australian citizens and businesses become more cyber resilient.[1]
Fundamental to the strategy is the concept of six key "cyber shields" of protection, which are:
The strategy is designed to be implemented in three phases, requiring ongoing collaboration between the Government and industry experts. Each phase will build upon the last, leading to an end goal of Australia being one of the most advanced and cyber resilient nations globally.
Phase 1
The first phase will be from 2023-2025 and aims to strengthen foundations, address critical gaps in the cyber shields, build better protections for the most vulnerable citizens and businesses, and support improved cyber maturity uplift across our region.
Phase 2
Phase two will be from 2026-2028 and involve a scale-up of cyber maturity with investment in the broader cyber ecosystem, cyber industry, and creating a diverse cyber workforce.
Phase 3
The final phase scheduled for 2029-2030 will be more globally focused. In this phase, the Government will aim to advance the global frontier of cybersecurity and lead the development of emerging cyber technologies capable of adapting to new risks and opportunities across the cyber landscape.
The strategy contains much detail about how each of the cyber shields will be implemented during the three phases. It also outlines the creation of an Executive Cyber Council consisting of both Government and industry representatives tasked with driving the strategy initiatives and fostering the sharing of threat intelligence and information.
Let’s take a look at some of the key initiatives in the new strategy that will impact businesses:
This is a significant development for the future of cyber risk management in Australia and will now be followed up with further legislation and directives aimed at implementing this strategy.
Overall, the 2023-2030 Australian Cyber Security Strategy aims to create a secure and resilient digital environment for individuals, businesses, and the nation as a whole. It recognises the evolving nature of cyber threats and the need for proactive measures to address them.
Learn more
Marsh is well-equipped to assist organisations in navigating the evolving cyber risk landscape and regulatory environment. With expertise in cyber risk management and insurance solutions, we can help your business thrive in the digital economy through enhancing your cyber resilience, developing robust frameworks and strategies to mitigate potential threats. If you have any questions about the Government’s new cyber security strategy or other cybersecurity matters, please contact one of our cyber specialists.
[1]www.homeaffairs.gov.au/about-us/our-portfolios/cyber-security/strategy/2023-2030-australian-cyber-security-strategy
Head of Cyber Incident Management and Cyber Advisory, Marsh Pacific
Senior Manager, Cyber Solutions, Marsh Advisory
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