Australia To Impose Tougher Fines For Private Data Security Breach
#Australia on Saturday proposed tougher penalties for companies that fail to protect customers’ personal data after two major #cybersecurity breaches left millions vulnerable to criminals.
The penalties for serious breaches of the #Privacy Act would increase from 2.2 million #Australian dollars now to AU$50 million under amendments to be introduced to Parliament next week, Attorney-General Mark Dreyfus said.
A company could also be fined the value of 30 per cent of its revenues over a defined period if that amount exceeded AU$50 million.
Mr. Dreyfus said “big companies could face penalties up to hundreds of millions of dollars” under the new law. It is a very, very substantial increase in the penalties, Mr. Dreyfus told reporters.
It is designed to make companies think. It is designed to be a deterrent so that companies will protect the data of Australians, he added.
Parliament resumes on Tuesday for the first time since mid-September.
Date: 10/22/2022
#MarkDreyfus #Hackers #DataBreach #Security #Technology #TheOwner
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#Australia on Saturday proposed tougher penalties for companies that fail to protect customers’ personal data after two major #cybersecurity breaches left millions vulnerable to criminals.
The penalties for serious breaches of the #Privacy Act would increase from 2.2 million #Australian dollars now to AU$50 million under amendments to be introduced to Parliament next week, Attorney-General Mark Dreyfus said.
A company could also be fined the value of 30 per cent of its revenues over a defined period if that amount exceeded AU$50 million.
Mr. Dreyfus said “big companies could face penalties up to hundreds of millions of dollars” under the new law. It is a very, very substantial increase in the penalties, Mr. Dreyfus told reporters.
It is designed to make companies think. It is designed to be a deterrent so that companies will protect the data of Australians, he added.
Parliament resumes on Tuesday for the first time since mid-September.
Date: 10/22/2022
#MarkDreyfus #Hackers #DataBreach #Security #Technology #TheOwner
——
If you can: Subscribe | Donate | Patreon