Australia’s Critical Infrastructure Risk Management Program becomes law
- Details
- Published: Tuesday, 21 February 2023 08:59
On 17 February 2023 Australia’s Minister for Home Affairs the Hon Clare O’Neil signed the Security of Critical Infrastructure (Critical infrastructure risk management program - CIRMP) Rules 2023.
CIRMP is the final of three preventative elements of the Security of Critical Infrastructure Act 2018. CIRMP “should assist responsible entities in managing the ‘material risks’ of ‘hazards’ which could have a ‘relevant impact’ on their critical infrastructure asset (CI asset)” says the Australian Government. “Once these hazards have been identified, the responsible entity must, so far as reasonably practicable to do so, minimise or eliminate the material risk of such a hazard occurring, and mitigate any relevant impact of the hazard on the asset.”
Regulated organizations are now required to adopt and comply with CIRMP, but a grace period is being offered. This is set out as follows (verbatim):
- There is a 6-month transition period for responsible entities to adopt a written CIRMP.
- An additional 12-month period is allowed to assist responsible entities in achieving compliance with the cyber security framework identified in their written CIRMP.
- If a responsible entity’s asset becomes a CI asset after the Rules commence, the responsible entity must meet CIRMP requirements within 6 months of the day the asset became a CI asset.
Regulated organizations must submit an annual report that has been approved by their board, council, or other governing body to the relevant regulator. The annual report ‘will provide assurance that a CIRMP is in place and that the entity is taking steps to manage material risks posed by the hazard to the CI asset’.
