Banks will need to make written assurances to regulators they will safely store data and destroy it when done under new regulations following Optus hack.
Banks will have to comply with strict requirements to receive customer identification details from Optus to guard against fraud, including making written assurances to regulators, proving they can securely store information and pledging to destroy it when it is no longer required.
The new regulations come as Attorney-General Mark Dreyfus establishes a whole-of-government working group with Optus to coordinate the federal response to the attack, which involved the theft of information relating to nearly 10 million customers.which would limit the volume of data that businesses can collect and store.
Ms Rowland revealed the amended regulation had been made after Optus claimed it was unable to pass on information to government agencies and banks because it was not covered by a specific exemption in the Telecommunications or Privacy acts. After receiving its own legal advice, the government considered it prudent to change the regulations.
They must also confirm in writing that the information they are seeking is necessary and proportionate to safeguard customers.Recipients must satisfy “robust” information security requirements and protocols for any transfer and storage of data, and must use the data solely for preventing or responding to cybersecurity incidents, fraud, scam activity or identify theft.
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