Businesses are also more aware of the cost. According to IBM’sCost of a Data Breach Report 2023, the average cost of a data breach in Australia has grown by 32% in five years to AU $4.03 million (US $2.57 million). This is being led by the financial services sector, with an avera...
Breach of many of the above obligations gives rise to civil penalties. The legislation adopts a generally familiar approach to civil penalties. For example, corporations are subject to an alternative maximum approach similar to the Corporations Act and the ACL, where the maximum penalty is the high...