There is a growing trend, domestically and abroad, towards legislators and regulators taking a more active role in setting data security standards and holding businesses to a greater level of scrutiny in respect of data breaches.
APRA’s newly released Information Paper: “Outsourcing Involving Shared Computing Services (including cloud)” recognises that public cloud is inevitable for financial services. It provides constructive guidelines for managing risks in a cloud world. By way of exception, APRA questions the appropriateness of migrating critical systems of record to the public cloud.
Head of Litigation, Melbourne, Janet Whiting and Special Counsel, Christiana McCudden examine the various practices and initiatives that good general counsel can implement to ensure that they maximise their contribution to the business and the C-Suite. This article was published in the June issue of the Australian Corporate Lawyers Association (ACLA) journal.
The Government has issued a new policy and intends to legislate to give effect to changes to strengthen Australia’s foreign investment framework by 1 December 2015. In addition, the Government has recently consulted on proposals to modernise and simplify Australia’s foreign investment framework. This alert considers some of the less well documented side effects of the proposed changes for business transactions and provides an update on the modernisation consultation process.
The determination of the Australia Privacy Commissioner in Ben Grubb v Telstra Corporation addresses important questions as to when information collected by businesses must be treated as "personal information" because of a capability of that business to associate that information with an identifiable individual.
In this article, partner Peter Leonard examines the kinds of information that must be retained under the Telecommunications (Interception and Access) Amendment (Data Retention) Act 2015 and who can access this information. The financial and data security issues arising from the new retention regime are also considered.
In recent years, there has been a dramatic increase in the frequency and severity of data breach incidents, resulting in the growth of the cyber-liability insurance industry. Data breaches raise privacy concerns and may result in significant financial loss for businesses and their customers. They also carry significant reputational risk.
In this issue: Leases of serial numbered goods will now only be deemed PPS leases if their term exceeds 12 months; ASIC reduces red tape for change of auditors; taxation of employee share schemes Bill passes the Senate without changes and proposed extension of GST to digital products and other services imported by consumers.