Cyber security reform to learn from past data breaches

Compulsory ransomware reporting for some businesses is part of a new cyber security package. (Dave Hunt/AAP PHOTOS)

Cyber security reform proposing mandatory standards for smart devices and reporting requirements for some businesses "strike the right balance" and puts Australia on the path to learning from past incidents.

New legislation to create the nation's first standalone Cyber Security Act was introduced to federal parliament's lower house on Wednesday.