Almost half of all Australian small and medium business are under-prepared and potentially exposed to significant financial loss and crippling reputational damage, according to a newly published report on cyber risks.
The Federal Government will fine social media and online platforms operating in the country $10 million for serious breaches of the Privacy Act, or thrice the value of any benefit derived from the breach.
A Melbourne-based lawyer and business adviser says the new data breach notification law will not be the only one working to potentially internalise the costs of a breach.
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