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

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

abc news link: https://www.abc.net.au/news/2022-10-21/data-breach-fines-increase-after-medibank-optus-hacks/101564614

This is pretty huge news guys.