Optus and Medibank hacks prompt government to increase fines for massive data breaches to a minimum of $50 million

The proposed legislation would see the fine for "serious or repeated privacy breaches" increased to either $50 million, three times the value of the benefit obtained through misuse of data, or 30 per cent of a company's adjusted turnover in the relevant period.

The fine would be whichever value is the highest.

Key points:

• The federal government believes the current $2.2 million fine is insufficient after recent cyber-attacks
• Attorney-General Mark Dreyfus will fast-track amendments to the Privacy Act next week
• The proposed legislation will see the fine for "serious or repeated privacy breaches" increase

https://www.abc.net.au/news/2022-10-21/data-breach-fines-increase-after-medibank-optus-hacks/101564614?utm_campaign=abc_news_web&utm_content=link&utm_medium=content_shared&utm_source=abc_news_web .....................................................................
Thought I should make a dedicated thread for this - this is a game changer IMHO.