In our 19 December 2018 update, “A Reflection on 2018”, we highlighted the second reading debate in the Senate on the Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017 (Cth). This entry outlines the new protections and describes the increases to the penalties in the Corporations Act 2001 (Cth), including penalties for contravening the whistleblower protections, made by the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (Cth).
The Office of the Australian Information Commissioner (the OAIC) has released its second Quarterly Statistics Report (the Report) on the mandatory notifiable data breaches (NDB) scheme. The finance sector was the third-highest reporter of NDBs with 30% of breaches including financial details and a majority (78%) of those breaches also including contact information.
In a global marketplace, businesses risk reputational damage and losing consumer conﬁdence and market share if they are found to have modern slavery practices within their business or supply chains. But there are some simple steps that can help business prepare for the passage of the Australian modern slavery legislation.
This morning we saw CBA announce that, amid all the other scandals, they have also failed to keep customers’ personal information safe. This was accompanied by Cambridge Analytica confirming that they are closing their doors after five years of trading, for their part in improperly obtaining personal information from Facebook.
Since the Notifiable Data Breach (NDB) Scheme has been in effect, there have been 63 mandatory data breach notices filed. The ongoing Facebook personal information issue also brings into sharp focus the privacy obligations of all organisations governed by the Privacy Act 1988 (Cth) and the Australian Privacy Principles (APPs). In addition, some Australian companies are now faced with the new European Union (EU) General Data Protection Regulation (GDPR), which, if applicable, will require compliance before 25 May 2018.