Australia will now fine firms up to AU$50 million for data breaches

Bill Toulas reports:

The Australian parliament has approved a bill to amend the country’s privacy legislation, significantly increasing the maximum penalties to AU$50 million for companies and data controllers who suffered large-scale data breaches.

The financial penalty introduced by the new bill is set to whichever is greater:

  • AU$50 million
  • Three times the value of any benefit obtained through the misuse of information
  • 30% of a company’s adjusted turnover in the relevant period

Read more at BleepingComputer.

 

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