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. stocks falling amid AI worries and weak earnings

U.S. stocks decline amid AI concerns, defensive sectors rising; traders eye commodities, jobs data, and currency trends for insights.

Published

1 day ago

February 13, 2026

Harvey Vargas

U.S. stocks decline amid AI concerns, defensive sectors rising; traders eye commodities, jobs data, and currency trends for insights.

U.S. stocks are tumbling as investors grow concerned over AI profitability and disappointing earnings. Defensive sectors are attracting attention ahead of the upcoming CPI report, while market participants are carefully watching how tech-heavy AI stocks are influencing broader indices. Steve Gopalan from SkandaFX notes that these factors are shaping market sentiment.

For traders, commodities like gold and oil are also playing a role in sentiment, providing hedges amid market uncertainty. The January jobs report and unemployment data are adding further context, with potential implications for Federal Reserve policy.

Market expectations for rate cuts are shifting as investors weigh economic indicators against global market dynamics. Traders are also eyeing currency movements, including the Australian Dollar and Japanese yen, for signs of broader economic trends.

Money

Wall Street tumbles as tech stocks face AI disruption fears

Wall Street falters as tech stocks dive amid AI anxieties; 2026 seen as critical for proving AI investment returns.

Published

1 day ago

February 13, 2026

Harvey Vargas

Wall Street falters as tech stocks dive amid AI anxieties; 2026 seen as critical for proving AI investment returns.

Wall Street took a sharp hit as tech stocks plummeted amid growing investor anxiety over artificial intelligence. Markets reacted strongly to uncertainty about how AI could disrupt major sectors, leaving investors on edge. Kyle Rodda from Capital.com explains why investors are nervous about what’s ahead.

Cisco Systems’ quarterly results added to the market jitters, while defensive sectors gained attention as investors sought safer bets. Analysts describe 2026 as a ‘prove it’ year for AI, with companies needing to demonstrate real returns on their ambitious investments.

The January Consumer Price Index report and rising concerns over AI’s impact on transportation companies further weighed on sentiment. Investors are now closely watching major tech firms for signals on how AI spending will shape future market performance.

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Money

U.S. jobs report, Fed decisions, and Japan’s economic risks explained

January US jobs report sparks uncertainty; analysts debate impact on Federal Reserve policy and market confidence.

Published

2 days ago

February 12, 2026

Harvey Vargas

January US jobs report sparks uncertainty; analysts debate impact on Federal Reserve policy and market confidence.

The January US jobs report shows a mixed picture for the economy, with payroll revisions and steady unemployment leaving analysts questioning the impact on Federal Reserve policy. We break down what the numbers mean for interest rates and market confidence.

US stock markets could face turbulence as investors digest the latest jobs data. David Scutt from StoneX explains how these figures may influence equities and what the outlook is for global markets.

Meanwhile, developments in Japan and a strengthening yen could spark new macroeconomic risks. From carry trades to unexpected shocks, we explore how these factors ripple across the global economy.

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