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In this report we profile the various approaches being taken to facilitate open banking, from emerging regimes to those already in operation.
Mandatory personal data breach notification laws were introduced in Australia in February 2018 which required organisations to notify data breaches likely to result in serious harm to any individuals to those persons and the Australian Information Commissioner (the Notifiable Data Breaches (NDB) scheme).
On 31 July 2018, the Office of the Australian Information Commissioner (OAIC) released its Notifiable Data Breaches Quarterly Statistics Report for the period 1 April to 30 June 2018 (the Report) relating to the NDB scheme.
The NDB Report July 2018 is the first full quarter of operation of the NDB scheme since it commenced on 22 February 2018, with the first OAIC NDB scheme quarterly statistics report (which covered the period 1 January to 31 March 2018) (First Report) covering only a part period given the NDB scheme took effect on 22 February 2018.
The aim of these OAIC NDB reports is to provide statistical information on data breaches occurring in Australia and the reasons why they happen in order to inform organisations to take steps to prevent reoccurrence.
The Report provides a timely reminder of the prevalence of data breaches in Australian businesses, the need to understand the key risks and take steps to protect personal information and to be prepared to assess and report data breaches to OAIC and individuals under the NDB scheme. Strong data management is integral to the operation of businesses and government everywhere, and the increasing use of digital platforms and technologies to connect with users and provide personalised products or services have increased the risks for data breaches.
For further information about the NDB scheme, assistance identifying and mapping out the applicable regulatory requirements for information held by your organisation privacy impact assessments or assistance in preparing a personal data response plan, please contact the author.