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7 November 2018 - APRA Releases Cyber Attacks Information Security StandardThe Australian Prudential Regulation Authority (APRA) released an information security standard which aims to ensure that APRA-regulated entities take measures to make them resilient to cyber attacks by requiring them to clearly define information-security related roles and responsibilities, maintain an information security capability commensurate with the size and extent of threats to their information assets, implement controls to protect their information assets commensurate with the criticality and sensitivity of those assets and notify APRA of material information security incidents.
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2 October 2018 - Federal Court Imposes Penalties of $3.5 Million on EquifaxThe Federal Court has ordered Equifax (formerly VEDA) to pay penalties of $3.5 million for engaging in misleading and deceptive conduct and unconscionable conduct as a result of its representatives making false and misleading representations to consumers in phone calls by telling them that its paid credit reports were more comprehensive than the free reports which Equifax was required to provide to consumers under the Privacy Act 1988 (Cth) when the reports actually contained the same information.
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26 September 2018 - Fitness First Penalised for Excessive Payment SurchargeFitness First Australia Pty Ltd was required to pay a penalty of $12,600 for imposing a fifty cent flat fee surcharge of about 1.09% for the processing of a $46 fortnightly membership payment using MasterCard debit payment after the Australian Competition and Consumer Commission issued it with an infringement notice for breach of the excessive payment surcharge provisions contained in the Competition and Consumer Act 2010 (Cth) as its actual costs of processing the MasterCard debit payment were only 0.81%.
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