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Significance
Penalties for poor corporate cybersecurity will be increased. Regulators will get more powers, reporting requirements for victims will be strengthened, and information-sharing improved. This comes after personal data of 9.8 million people were stolen from Singapore-owned telco Optus.
Impacts
Jurisdictional conflicts within government and industry will make it difficult to consolidate oversight functions.
Resistance from several leading industries could weaken the impact of regulatory reforms.
Neglect of training systems and staffing has raised the threat level for businesses.
Keywords:
Australia,
AP,
economy,
industry,
private sector,
security,
technology,
telecommunications,
IT software & services,
Telecoms
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2022
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