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ARTICLE · 06 JULY 2023

Safeguarding personal data: Insights into breach prevention

Sophie Grace Pty Ltd
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As data breaches and privacy concerns are on the rise, licensees face more challenges in protecting client information.

AustraliaPrivacy
Alicia Pevely
Alicia Pevely
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Collecting accurate and relevant client information is essential to meet the stringent customer identification procedures contained in the Anti-Money Laundering and Counter-Terrorism Financing Rules ("AML/CTF Rules"). In addition, Australian Financial Services Licensees and Australian Credit Licensees ("Licensees") must adhere to strict data protection protocols and privacy regulations while handling and storing their clients' personal information.

In the current environment where data breaches and privacy concerns are on the rise, licensees face unprecedented challenges in protecting client information. The Notifiable Data Breaches Report published for the second half of 2022 revealed a 26% surge in data breaches during that period, with the majority of large-scale breaches (34 out of 40) attributed to cybersecurity incidents.

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