Australia flags new corporate penalties for privacy breaches

By ROD McGUIRK
Associated Press

CANBERRA, Australia (AP) — Australia has proposed tougher penalties for companies that fail to protect customers’ personal data after two major cybersecurity breaches left millions vulnerable to criminals. Attorney-General Mark Dreyfus said Saturday the penalties for serious breaches of the Privacy Act would increase from 2.2 million Australian dollars ($1.4 million) now to AU$50 million ($32 million) under amendments to be introduced to Parliament next week. A company could also be fined the value of 30% of its revenues over a defined period if that amount exceeded AU$50 million ($32 million). Since Parliament last sat, unknown hackers have stolen personal data from customers of Australia’s largest health insurer and second-largest wireless telecommunications carrier.