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.