During the period of 2016 to July 2024, the awards for compensation for privacy breaches in Determinations made and published by the Australian Information and Privacy Commissioner (OAIC) have ranged from about $1,000 to $20,000. In this update, Stephens Lawyers & Consultants provides a review of the OAIC Determinations and compensation awards for privacy breaches made during the period October 2022 to July 2024 – and factors taken into account by the OAIC in making those awards.
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Recent case of ASIC v RI Advice Group Pty Ltd serves as a warning that companies which do not have adequate cybersecurity risk management plans, systems and controls in place are at risk of contravention of the Corporations Law and the Privacy Act which can result in substantial pecuniary penalties. Practical steps can be taken by companies and their directors to reduce these risks.
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Understanding the risks and legal issues associated with using cloud based computing services is critical for risk management and protection of an organisation’s data and related intellectual property and to minimise the risk of business disruption.
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Privacy breaches in Victoria (Vic) involving an individual’s personal and sensitive information can result in psychological and physical damage and financial losses. An individual affected by a privacy breach may be able to seek compensation and other remedies…
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