"The Australian government has passed a bill that markedly increases the penalty for companies suffering from serious or repeated data breaches.
To that end, the maximum fines have been bumped up from the current AU$2.22 million to AU$50 million, 30% of an entity's adjusted turnover in the relevant period, or three times the value of any benefit obtained through the misuse of information, whichever is greater.
The turnover period is the time duration from when the contravention occurred to the end of the month when the incident is officially addressed."
Wow! This is a huge penalty, do you think more countries will start to take aggressive measures like Australia?
Full article from "The Hacker News": Australia Passes Bill to Fine Companies up to $50 Million for Data Breaches (thehackernews.com)