Companies face $50m fines for multiple serious data breaches

Attorney-general Mark Dreyfus said Australia needs better laws to protect citizens who hand over large amounts of personal data to companies and trust it will be kept safe.

"When Australians are asked to hand over their personal data they have a right to expect it will be protected," he said. "Unfortunately, significant privacy breaches in recent weeks have shown existing safeguards are inadequate. It's not enough for a penalty for a major data breach to be seen as the cost of doing business.

"We need better laws to regulate how companies manage the huge amount of data they collect, and bigger penalties to incentivise better behaviour."

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After Optus and Medibank hacks, here's how much companies will pay in government data breach finesThe maximum fines for serious or repeated data breaches will be increased by more than 20-fold under legal changes to be introduced next week. 'The maximum fines for serious or repeated data breaches will be increased by more than 20-fold under legal changes ...' unless you're a political party. You're exempt from the Act. (Anyway, politicians and their staff never ever share passwords, leak or mis-use data) Fines need to be increased a million fold; they need to be company busting: maybe then big greed will sit up and take notice. I love how the government is cashing in but what about the actual customers affected? What a joke.
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Companies face $50m fines for multiple serious data breachesAustralia's biggest companies could be slammed with massive fines if they are repeatedly cyber-attacked under proposed federal government legislation. 9News The government also has a responsibility to protect Australia in general from intrusion/hacking by foreign entities (person, corporate or country). Interested in Albanese’s plans there. Interesting proposition I agree that something needs to be put in place like fines BUT where does this $50m go? Does it go towards helping the situation or is it just more revenue for the government. Surely fines that size should be put towards helping organisations raise their security posture!
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