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Australian data breaches could lead to $86 billion in fines if prosecuted

A landmark OAIC fine on the Department of Home Affairs was handed down after an investigation into a February 2014 data breach. The fine marks a significant step by putting hard dollar figures on the cost of a data breach, which continue to plague Australia, both within government and across businesses. The 539 data breaches reported during the second half of 2020 alone could cost compromised businesses billions of dollars in fines$86 billion, in facton top of the direct damages and business interruption, according to the Office of the Australian Information Commissioner.”]

Source: https://www.csoonline.com/article/3606189/australian-data-breaches-could-lead-to-86-billion-in-fines-if-prosecuted.html

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