Australia unveils privacy rule changes after Optus data breach – Reuters.com

SYDNEY, Oct 6 (Reuters) – Australia on Thursday proposed an overhaul of consumer privacy rules that will help facilitate targeted data sharing between telecommunication firms and banks following a massive data breach at Optus, the country's second largest mobile operator.
Last month's cyber attack on Optus, owned by Singapore Telecommunications Ltd (Singtel) (STEL.SI), was one of Australia's biggest data breaches, and compromised data of up to 10 million customers including home addresses, drivers' licenses and passport numbers.
The changes will enable telcos to share government-issued identification documents with banks to allow them to implement enhanced monitoring for customers impacted by data breaches.
"They've been carefully designed with strong privacy and security safeguards to ensure that only limited information can be made available temporarily to prevent and respond to cyber security incidents, fraud, scams and related activities," Treasurer Jim Chalmers said during a media conference.
The government will recommend to the governor-general to amend the privacy regulations, he said.
The proposed changes will also allow for increased fraud detection in the broader financial services sector through existing industry mechanisms to report fraudulent transactions, such as fraud information exchanges.
Chalmers said the government would not disclose details of financial institutions that receive the data from Optus due to data security reasons.
Information received must be destroyed by banks when it is no longer required and can only be used for the sole purpose of preventing or responding to cyber security incidents, fraud, scam activity or identity theft, the treasurer said.
Australia's telecommunications, financial and government sectors have been on high alert since the cyber attack at Optus and had flagged changes to privacy rules to help banks take immediate actions to prevent fraudulent transactions.
The Australian government, which believes the breach at Optus was due to a basic security gap, had slammed the company for describing the attack as sophisticated and for delays in updating affected customers.
Our Standards: The Thomson Reuters Trust Principles.
The European Commission on Monday said it has warned Facebook parent company Meta that it is breaching EU antitrust laws by distorting competition in markets for online classified advertising and abusing its dominant position.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

source

Leave a Comment

%d bloggers like this: