Organizations found to be responsible for a privacy breach now face a maximum penalty of AUD 50 million, 30% of adjusted annual domestic turnover, or three times the value of any benefit obtained through the misuse of the leaked information.
From 2017 to 2020 the edtech company experienced four serious data breaches, and the FTC finds that this was not simply a run of bad luck but rather an endemic lack of concern for cybersecurity.
Privacy act draft proposes a maximum penalty of the greater of $50 million, three times the value of any benefit obtained through the misuse of information stolen in data breaches, or 30% of the company's annual domestic turnover.
An Indonesia data protection law that has been in development since 2016 includes some of the harshest penalties yet seen in national data privacy regulations, along with a right to compensation for data breaches.
The global average cost of data breach is now $4.35 million, a climb of 13% since 2020. Much of that are expenses realized more than a year after the attack, and most organizations (60%) are passing these added costs on to consumers in the form of higher prices.
Why despite the fact that businesses and governments spend billions of dollars to fight cyber attacks are businesses continuing to fall prey to data breaches? Companies must build and sustain a strong security culture.
Researchers found that although 80% of financial institutions suffered data breaches per year from vulnerabilities in their authentication methods, 64% refused to upgrade.
Litigation against corporate board members and C-level executives for data privacy and security claims is on the rise. Recently, plaintiffs have targeted corporate board members and C-level executives alleging that their data privacy–related claims result from a breach of fiduciary duties.
Facebook’s new €17 million GDPR fine stems from a failure to demonstrate that adequate security measures were in place to prevent the data breaches in 2018.
The average cost of data breach has hit an all-time high, up almost 10% from last year to $4.24 million. That average cost increases greatly when remote workers are involved (to $4.96 million).
