According to a recent TechCrunch article, Australia is toughening privacy laws by imposing massive penalties for companies impacted by major security breaches. The Australian Government explained its reasoning in a media release issued in late October, stating, “We need better laws to regulate how companies manage the huge amount of data they collect, and bigger penalties to incentivize better behavior.”
Although Australia is a long way away, is this a sign of things to come? The reality is that a global cooperative effort is required to fully prevent cybercrime. If Australia is successful, then it is very likely that the U.S. will follow in enforcing responsibility for protecting information with the threat of punitive fines.
What Can Be Done?
- Inventory the information that you currently have on your systems.
- Take steps to safeguard critical data and systems.
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