- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-11-27T21:12:00
Australia released an updated cybersecurity strategy that will rely more heavily on public-private partnerships to support the country’s cyber defense efforts.
The strategy, first released as a discussion draft in February, applies to the years 2023-30 and is “game-changing for Australia’s cybersecurity,” said the country’s Department of Home Affairs in a Nov. 22 announcement.
The strategy aims to shift cybersecurity from a technical topic to a national endeavor that will benefit citizens and businesses. It will include stronger public-private partnerships, the Australian government said.
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The Australian government is weighing stringent new privacy reforms that would establish among the steepest penalty regimes in the world—up to AUD$50 million (U.S. $33.5 million)—for serious or repeated breaches.
The Optus data breach should serve as a reminder for all organizations that cybersecurity incidents are serious business risks that are costly to make right.
Google was ordered to pay 60 million Australian dollars (U.S. $42 million) to resolve charges levied by Australia’s competition regulator it misled its Australian customers about how to opt out from the collection of their personal location data.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
