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
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