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.![]()
- Forums
- ASX - By Stock
- TNT
- Government to increase fines for massive data breaches to a minimum of $50 million
Government to increase fines for massive data breaches to a minimum of $50 million
-
- There are more pages in this discussion • 58 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add TNT (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
MTL
MANTLE MINERALS LIMITED
Nick Poll, Executive Chairman
Nick Poll
Executive Chairman
Previous Video
Next Video
SPONSORED BY The Market Online