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The number of cybercrimes reported rose by 13 per cent in the previous year, but many speculate that the figures may need to be more accurate since many companies still opt to handle attacks on their own. As the government works to strengthen its defences against cybercrimes, legislators are looking to implement heavy fines.
2022 was the turning point for the country as it experienced many significant cyber attacks, such as Optus and Medibank breaches. The Albanese government resolved to complete the unfinished Privacy Act Review in 2020.
According to Australian attorney-general Hon Mark Dreyfus KC MP, “We have announced, introduced and delivered legislation in just over a month. These new, larger penalties send a clear message to large companies that they must do better to protect the data they collect. Companies which fail to take adequate care of customer data will face much higher penalties following today’s passage of the Albanese Government’s legislation to significantly increase penalties for repeated or serious privacy breaches.”
One of the significant changes Dreyfus called for was the dramatic increase in maximum penalties for serious or repeated interferences with data privacy. From $2.2 million, organisations now face a maximum penalty of up to $50 million. This is more than the GDPR’s maximum fines.
Chicago-based international law firm Baker McKenzie also reported that another significant change the government is implementing would be the expanded powers of the Office of the Australian Information Commissioner (OAIC). According to the report, the OAIC’s expanded capabilities include “powers to request more information and documents about an entity’s compliance practices and to direct complaint respondents on rectification compliance failures. The regulator now also has greater abilities to share information with other regulatory authorities, make certain disclosures and publications in certain circumstances, and issue infringement notices with monetary penalties attached for failure or refusal to comply with requests to provide information, answers or records.”
Media reports concluded that the changes in the Privacy Act might be published in the first half of 2023, though they have yet to receive any confirmation as to the exact date.
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