Money

Australia’s tougher data breach penalties after Optus hack

Published

3 years ago

October 23, 2022

Australian Attorney-General Mark Dreyfus will introduce laws to parliament to increase penalties for companies subject to major data breaches after high-profile cyberattacks hit millions of Australians in recent weeks.

Dreyfus’s announcement comes after Singtel-owned Optus, the country’s second-largest telco, disclosed on Sept. 22 a hack that saw the theft of personal data from up to 10 million accounts. The telco, financial and government sectors have been on high alert since then.

“The penalties for companies that engage in this sort of behaviour need to be increased so there is a much greater deterrent to companies that do not take data security seriously,” Dreyfus told reporters in Canberra on Wednesday.

Currently, under Australia’s Privacy Act, companies can be fined a maximum of A$1.7 million (US$1.2 million) for serious breaches of individuals’ privacy. Dreyfus said the proposed changes would increase the maximum fine to “the greater of A$10 million or 3% of global annual turnover.”

“This is a real problem that is faced by governments, by companies large and small…and we think it’s appropriate that there are tougher penalties that reflect the seriousness with which the government takes this matter,” he said.

The proposal follows a string of high-profile data breaches globally, including last year’s Equifax hack that affected about 147 million people worldwide.

Australia is set to introduce tougher penalties for companies subjected to major data breaches in an effort to better protect consumers’ personal information.

This comes after a string of high-profile hacks, including one that affected up to 10 million Optus customers last month. If passed, the proposed law would increase fines from A$1.7 million to “the greater of A$10 million or 3% of global annual turnover.”

Companies large and small are increasingly at risk of data breaches, and it is crucial that steps are taken to protect consumers’ information.

Disclaimer: Experian was falsely mentioned in this article. They were not the victim of a data breach.

Money

U.S. and China approve TikTok sale to American investors

US and China approve TikTok’s sale to Oracle and Silver Lake amid regulatory scrutiny, with ByteDance retaining 20%.

Published

2 days ago

January 23, 2026

Harvey Vargas

US and China approve TikTok’s sale to Oracle and Silver Lake amid regulatory scrutiny, with ByteDance retaining 20%.

The United States and China have officially approved a deal for TikTok’s US operations to be sold to American investors, led by Oracle and Silver Lake.

This marks a major shift in the social media landscape as the platform navigates increasing regulatory scrutiny.

Under the new agreement, ByteDance will retain just under 20% of TikTok US, while Oracle and Silver Lake will each take 15% stakes. Other investors will also participate, forming a structure designed to satisfy both commercial and regulatory demands.

The new US-based entity will have a majority American board tasked with overseeing data protection and content moderation. Despite these safeguards, concerns remain about ByteDance’s influence and whether the deal fully complies with recent legislation.

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#TikTokSale #USChinaDeal #Oracle #SilverLake #ByteDance #TechNews #SocialMedia #DataProtection

Money

Markets tumble as Trump tariffs, Greenland rhetoric and Europe backlash collide

U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.

Published

4 days ago

January 21, 2026

Harvey Vargas

U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.

U.S. equities took a sharp hit as markets reacted to renewed tariff threats and heightened political rhetoric from President Donald Trump. The Dow plunged more than 800 points, with the S&P 500 and Nasdaq also sliding as investor nerves rattled risk assets.

The sell-off highlights growing concern around global trade tensions and geopolitical uncertainty, with markets struggling to price in what comes next for U.S. economic leadership and policy direction.

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#USMarkets #WallStreet #TrumpTariffs #GlobalMarkets #USDebt #Europe #Davos #Ticker

Money

Gold hits record highs as investors flee risk

Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.

Published

5 days ago

January 20, 2026

Harvey Vargas

Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.

Gold is shining brighter than ever as investors flock to safe-haven assets amid global uncertainty. U.S. gold futures for February delivery jumped 1.71% to $4,674.20 per ounce, while spot gold rose 1.6% to $4,668.14.

The surge comes as geopolitical tensions continue to worry traders, prompting a rush into metals perceived as stable and secure. Analysts say gold is proving its status as the ultimate hedge during turbulent times.

Investors are closely watching markets as gold sets new benchmarks, signalling growing caution across the financial landscape.

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#GoldRally #SafeHaven #InvestingTips #FinancialMarkets #GoldPrices #GlobalEconomy #MarketUpdate #TickerNews