Following several major breaches that affected Australian organisations in recent months, the Australian parliament today passed the Privacy Legislation Amendment Bill. This bill, which is soon to become law, significantly increase the penalties under the Privacy Act for serious or repeated privacy breaches. Currently the maximum penalty is up to $2.22 million. With the change, it is now the greater of $50 million, three times the value of any benefit obtained, or 30 percent of the company’s adjusted turnover in the relevant period. While this change was prompted by several high-profile data breaches in recent months, the penalties apply to any serious breach of privacy, not just data breaches.
https://elevenm.com.au/2022/11/29/privacy-act-changes-2022-what-you-need-to-know/
This segment was created for the It’s 5:05 podcast