Cyber security and IoT: The Commonwealth Government has released a voluntary code of practice for IoT devices: https://www.homeaffairs.gov.au/reports-and-publications/submissions-and-discussion-papers/code-of-practice. What reputational and legal factors (such as the law of negligence or the Australian Consumer Law) might influence a firm's decision to comply with these standards?

STRUCTURE

Use the following headings and sections to structure the answer:

1. Introduction

[Brief context and overview of the topic, including a description of the topic/question you are answering and a description of your research methodology.]

[Summary of aims and objectives, eg summary of the arguments made in the rest of the paper about what contemporary development(s) are raised by the topic and why business professionals should be aware of them.]

2. Relevant business law and/or corporate law concepts

[Identify, describe and explain the business and/or corporate law concepts which are relevant to the topic and argument, eg, particular elements of business law or corporations law that arise. Where appropriate, refer to legislation including the Corporations Act and the common law.]

3. Findings and discussion

[State the answer to the topic/question and then make arguments in support of the answer.]

[For each argument, draw connections with the business law and/or corporate law concepts identified in section 2 above. For each argument, include data or other information from one or more relevant citations to journal articles, book chapters or other sources]

4. Conclusion

[Summarise the conclusion in response to the topic/question and reflect on issues that may require more research.]