This week, the Australian House of Representatives passed mandatory data breach notification laws after years of debate and several previously aborted attempts.
Under the proposed new laws, if an organisation subject to the Privacy Act ($3 million annual turnover) incurs an “eligible data breach”, it will have to alert both the Australian Information Commissioner and the people whose data has been compromised. Data breaches are only subject to mandatory notification where there is unauthorized access, disclosure or loss of customer personal information. The legislation is expected to take effect in approximately 12-months.
Centrelink’s controversial automated data matching process will be the subject of a senate committee inquiry following thousands of reported errors and wrongly-issued debt notices. The Greens and Labor party secured the motion for the inquiry this week following sustained media pressure on the impact the data-matching system was having on struggling Australians.
Representatives from IAG, Westpac, Scentre Group and Data Republic joined a panel at the ADMA TownHall event last week to discuss the role of consumer trust in effective data utilisation. CMO covered speaker highlights from the session including a few soundbites from our own, Paul McCarney.
In other news…
Shopper insights firm koji has launched snapshot™, a data product designed to make grocery and liquor basket insights more accessible to brand marketers. snapshot™ was developed by our Certified Partner, koji, using grocery data securely exchanged on the Data Republic platform.
WORTH A READ
A recent report from Gartner predicts that within five years organisations will be valued on their information portfolios (aka their data portfolios).
Gartner says boards and CEOs should not delay in hiring or appointing CDOs to begin optimising the collection, generation, management and monetization of information assets before a critical mass of equity analysts starts asking related questions of them.
Until next week.