Companies could face fines, lawsuits under new data breach legislation

Australia-based insurance broker Austbrokers Holdings Ltd. said that local firms could face increased costs, reputational damage, loss of customers, and a class-action lawsuit under the country's mandatory notifiable data breach legislation, SecurityBrief Australia reported. Nigel Thomas, divisional chief executive at Austbrokers, said that organizations could be fined up to $2.1 million Australia ($1.6 million) for failing to keep its data secure. Austbrokers said that 54% of companies either have a cyber insurance policy or plan to implement one in the next 12 months.

Read more.