Australian companies that allow multiple data breaches through cyberattacks face fines of up to $50 million
Companies that allow multiple breaches of customer data through cyber attacks face massive fines of up to $50 million
Organizations face fines of up to $50 million for allowing multiple data breaches
The fine increases massively from the current violation penalty of $2.22 million
Penalties can be higher depending on the company’s turnover and the value of the stolen data
Bill is due to be presented to Parliament next week amid recent security hacks
Companies that fail to protect sensitive data face heavy fines under laws being introduced by the Albanian government.
The legislation massively increases the current penalty for serious or repeated violations from $2.22 million to the greater of $50 million, 30 percent of the company’s revenue for the relevant period, or three times the value of any data extracted from the stolen data advantage.
The bill, which is due to go to Parliament next week, comes amid the aftermath of the massive Optus data hack and a cyberattack on private health insurance provider Medibank.
“When Australians are asked to provide their personal information, they have the right to expect it to be protected,” said Attorney General Mark Dreyfus
Mr Dreyfus (pictured) said the Government is looking to strengthen data protection laws to protect the public
Attorney General Mark Dreyfus said the government is determined to strengthen privacy laws to protect the public.
“When Australians are asked to provide their personal information, they have the right to expect protection,” he said.
“Unfortunately, significant data breaches over the past few weeks have shown that existing security measures are inadequate. It is not enough that a penalty for a major data breach is considered a cost of doing business.”
He added the country needs better laws to regulate how companies handle the vast amount of data they collect and “heavier penalties to incentivize better behavior.”
“I look forward to the support of the whole of Parliament for this bill, which is an essential part of the government’s agenda to ensure Australia’s data protection framework can respond to new challenges in the digital age,” he said.
The legislation will strengthen the powers of the Australian Data Protection Commissioner to remedy data breaches and strengthen information sharing with Australia’s Communications and Media Authority.
The system for reportable data breaches will be strengthened to ensure the officer has a complete picture of the compromised information to make a risk assessment of the harm to people.
A review of the Data Protection Act will be completed by the end of this year, with recommendations for further reform to be made.
The bill, which is due to go to Parliament next week, comes amid the aftermath of the massive Optus data hack and a cyberattack on private health insurance provider Medibank
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