Larger penalties for Australian Companies
The Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022 increases the maximum penalties for serious or repeated privacy breaches from the current $2.22 million penalty to whichever is the greater of:
- $50 million;
- three times the value of any benefit obtained through the misuse of information; or
- 30 per cent of a company’s adjusted turnover in the relevant period.
The Bill equips the Australian Information Commissioner with expanded powers to address privacy breaches and rapidly disseminate information concerning data breaches in order to protect customers.
In the past few months, several data and privacy violations have illuminated that current safeguards are out of date and insufficient. These changes emphasize to businesses that data breaches can no longer be taken lightly and accepted as a minor setback. Severe consequences await those who fail to take the necessary steps in protecting their customer’s information.
Oper8 Global has a proven track record of helping organisations protect and secure their data through industry-leading solutions, the time has never been better to secure your data and protect your organisation.
To read the Bill in its entirety, follow this link