Australia updates Law to protect data

The Australian government announced changes to its telecommunications law to protect vulnerable customers after personal details were stolen in a major cyber attack on the nation's second-largest wireless carrier. 

The changes allow Optus and other providers to better coordinate with financial institutions and governments to detect and mitigate the risk of cybersecurity incidents, fraud, scams and other malicious cyber activities according to Treasurer Jim Chalmers and Communications Minister Michelle.

The changes would include increased penalties for companies with lax cybersecurity protections and curbs on the quantities and types of customer data that businesses can amass, as well as the duration for which personal information can be kept.