Those $50 million fines for repeated or serious cyber breaches are now law. Organisations and businesses around Australia should consider themselves on notice: do better to protect customer data or pay the price. The spectacular fines come after two of Australia’s biggest breaches – Optus and Medibank Private – saw the personal details of millions stolen.
And it could get worse next year. Cyber crime-as-a-service is a thriving business. Even amateurs with next to no experience can access sophisticated tools to cause untold damage. We look at risk regulator APRA’s warning that executives of breached companies should not expect to receive bonuses.
In good news for Australia’s gaming industry, game developers will soon be able to take advantage of a 30 per cent tax offset for projects worth $500,000 or more, capped at $20 million per company, per year. The move is expected to strengthen the industry and lead to more jobs.
In other news, calls for games with loot boxes to be R18+; Medibank hacker blog suddenly disappears; the golden age of artificial intelligence; and renowned games developer wins the 2022 Pearcey Medal.