Australia Passes Bill to Fine Companies up to $50 Million for Data Breaches

The Australian federal government has handed a monthly bill that markedly raises the penalty for organizations suffering from critical or repeated facts breaches.

To that finish, the greatest fines have been bumped up from the present-day AU$2.22 million to AU$50 million, 30% of an entity’s altered turnover in the relevant period, or 3 times the worth of any profit attained by the misuse of facts, whichever is larger.

The turnover period of time is the time length from when the contravention transpired to the conclusion of the thirty day period when the incident is formally dealt with.

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“Sizeable privacy breaches in latest months have demonstrated present safeguards are out-of-date and insufficient,” Attorney-Basic Mark Dreyfus explained in a assertion. “These reforms make very clear to companies that the penalty for a main data breach can no for a longer period be regarded as the price of executing organization.”

The legislation, termed the Privacy Laws Amendment (Enforcement and Other Measures) Invoice 2022, also bestows more powers to the Australian Info Commissioner to address security breaches.

The “new information and facts sharing powers will facilitate engagement with domestic regulators and our global counterparts to aid us carry out our regulatory function efficiently and effectively,” Australian Data Commissioner and Privacy Commissioner Angelene Falk reported.

The monthly bill, which has been tabled as part of broader reforms to the Privacy Act 1988, now awaits Royal Assent to be formally signed into legislation.

The advancement will come in the wake of new major breaches at Optus and Medibank that have resulted in the leak of own facts connected with 2.1 million and 9.7 million clients, respectively.

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