Proposed updates to Australia’s privacy rules mean banks need to be laser focused on data leakage from their systems. The right technology and documented procedures are required to ensure financial services businesses can comply with any changes to the privacy laws.
The Australian Competition and Consumer Commission’s (ACCC) Privacy Act Review Report
recommends new and expanded consumer rights, which have the potential to significantly impact financial institutions. Under the proposed recommendations, people will have enhanced rights to request their personal information be deleted.
High-profile data leaks that involved smaller financial services institutions failing to delete customer data are behind the push to update privacy laws.