1 year ago

Of the many lessons that can be learned from how thehttps://www.upguard.com/news/optus-data-breach-exposes-up-to-9-8-million-customers-details was handled, one stands out - Australia’s privacy laws are not equipped to support Aussie data breach victims. To learn how to comply with Australia’s amended Telecommunications regulation to support the fight against financial fraud following a data breach, read on.

The amended regulation aims to establish a partnership between financial entities and government agencies to decrease data breach response times and, therefore, the potential impact on customers.

Regulated financial entities hoping to be included in Australia’s reformed telco data breach handling processes need an outsourcing policy that’s: Scalable - to effectively manage the increased business requests arising from the amended telco regulation, and Secure - to maintain eligibility to access customer data impacted by breaches.

The cyber threat assumptions influencing the rapid detection policy - The rapid customer data destruction policy of the amended telco regulation is based on the assumption that the risk of a data breach is proportional to the amount of time the data remains in possession of the regulated financial entity.