By Patrick Gunning, Ian Hargreaves, Rob Bolgar-Smith and Urszula McCormack.
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ta security breaches have been on the rise for many years now, with governments and regulators responding in many ways. One element of the response is to require organisations who experience a data security breach to notify relevant regulators and, most importantly, the people whose data has been compromised.
In a previous edition of Red Tape, we canvassed a broad range of legal issues associated with cyber security incidents. SEC Chair Mary-Jo White has recently described cybersecurity as the biggest risk facing the financial system. China has also recognised the importance of cybersecurity to national security, and is in the process of reforming its cybersecurity laws, as reported last year. In late May 2016, Hong Kong’s banking regulator launched a “Cybersecurity Fortification Initiative”, following a blight of recent regional and local scandals involving banks.
In this article, we look at recent developments in the EU and Australia in relation to one of those legal issues, namely data breach notification laws.
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