Australia Increases Fines for Massive Data Breaches
Full article125 words · extracted from schneier.com · click to collapse
After suffering two large, and embarrassing, data breaches in recent weeks, the Australian government increased the fine for serious data breaches from $2.2 million to a minimum of $50 million. (That’s $50 million AUD, or $32 million USD.)
This is a welcome change. The problem is one of incentives, and Australia has now increased the incentive for companies to secure the personal data or their users and customers.
EDITED TO ADD (10/15): I got the details wrong. One, this is a proposed increase. Two, the amount of $50 million AUD is only applicable in very few cases.
Tags: Australia, cyberattack, data breaches, incentives
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Text extracted automatically; images, tables and formatting may be missing. Original: https://www.schneier.com/blog/archives/2022/10/australia-increases-fines-for-massive-data-breaches.html