Business

Australia’s tougher data breach penalties after Optus hack

Published

5 months 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.

Business

The possibility of a U.S. recession

Published

2 days ago

March 31, 2023

ticker NEWS

There’s been a lot going on in markets…

It’s been a turbulent time in financial markets, to say the least.

From seeing a banking crisis sweep around the world, to a new global reserve currency start to emerge – there hasn’t been a quiet day on the market.

And there’s also a little bit of Marty McFly meets Bog Iger from Disney, as UBS appoint a former Credit Suisse CEO to help with the merger of the two banks.

AND, the possibility of a U.S. recession…

Chris Uhl from 10minutestocktrader.com joins us to discuss.

Business

Disney trumps DeSantis with legal loophole

Published

2 days ago

March 30, 2023

ticker NEWS

Disney has outplayed Ron DeSantis by leaning on a decades-old royal clause

In February, Florida Governor Ron DeSantis moved to take over Disney World’s governing body.

It was all in retaliation to the company’s public stance against the state’s “Don’t Say Gay” bill.

But now, new reports suggest this whole plan may have backfired.

Members of the new governor-appointed board argue the previous members stripped the board of its power before they left.

It was all part of an agreement, which was approved a day before DeSantis assumed more control of the land around Disney’s theme park.

Disney is leaning on a property law which essentially makes the company the government of the area.

New board member Ron Peri says the board has lost the majority of its ability to do anything beyond maintain the roads and basic infrastructure.

For just under six decades, Disney has operated its expansive theme park and resort in Florida under a specially designated district.

A board oversaw the area and had free reign of development processes.

Disney also had the authority to appoint district board members.

But this special status came under threat when Disney clashed with DeSantis and his “Don’t Say Gay” law.

Florida lawmakers the passed a bill in February to end Disney’s self-governing status and give the governor the authority to appoint new board members to the district.

DeSantis appointed five supervisors, including a parents’ rights activist and three Republican donors.

But the new supervisors say previous board members entered an agreement before they left their positions – effectively stripping them of any powers. #trending #featured

Business

The Power of Play

Published

2 days ago

March 30, 2023

ticker NEWS

Let’s take a look at the history of video games and the exciting future of the gaming industry.

From classic arcade games to the latest consoles and online multiplayer experiences, gamers have been lining up for decades to get their hands on the hottest games.

But what goes on behind the scenes to create these immersive worlds? The Power of Play takes you behind the curtain to explore the hard work and dedication of game developers as they bring these virtual experiences to life.