Australia introduces bill to significantly increase data breach penalties

Australia Attorney-General Mark Dreyfus introduced to the Parliament of Australia a bill to "significantly increase penalties for repeated or serious privacy breaches." The Privacy Legislation Amendment Bill 2022 proposes increases to the current fine scheme under The Privacy Act 1988, which carries a maximum fine of AU$2.22 million. Under the proposed three-factor scheme, violators face a AU$50 million fine or penalties based on data monetization and 30% of adjusted quarterly turnover. "It's not enough for a penalty for a major data breach to be seen as the cost of doing business," Dreyfus said, noting the bill is a response to recent data breaches involving Optus and MyDeal.