Security News > 2022 > November > Australia Passes Bill to Fine Companies up to $50 Million for Data Breaches

The Australian government has passed a bill that markedly increases the penalty for companies suffering from serious or repeated data breaches.

To that end, the maximum fines have been bumped up from the current AU$2.22 million to AU$50 million, 30% of an entity's adjusted turnover in the relevant period, or three times the value of any benefit obtained through the misuse of information, whichever is greater.

"Significant privacy breaches in recent months have shown existing safeguards are outdated and inadequate," Attorney-General Mark Dreyfus said in a statement.

The legislation, called the Privacy Legislation Amendment Bill 2022, also bestows more powers to the Australian Information Commissioner to address security breaches.

The "New information sharing powers will facilitate engagement with domestic regulators and our international counterparts to help us perform our regulatory role efficiently and effectively," Australian Information Commissioner and Privacy Commissioner Angelene Falk said.

The development comes in the wake of recent major breaches at Optus and Medibank that have resulted in the leak of personal information associated with 2.1 million and 9.7 million customers, respectively.

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http://thehackernews.com/2022/11/australia-passes-bill-to-fine-companies.html