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Recent instances of cyber-attacks targeting third party service providers of government agencies and private sector organisations have coincided with the latest release of the Australian Cyber Security Centre (ACSC)’s 2017 Threat Report. This report comes as a timely reminder of the ongoing digital threats to organisations, such as those in the financial services sector, especially with the rise of innovation and financial technologies (FinTech) in this market.  ACSC identified over 47,000 cyber incidents over the…
Executive Summary The recent passing of the Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 (Act) reflects the Federal Government’s commitment to further its National Innovation and Science Agenda.  The measures should help in boosting the use of pooled venture capital focused funds as a way of channelling investor capital into otherwise cash starved start ups in the technology and innovation sectors.  In the second reading speech, the Treasurer stated: “The tax incentives for…
The bar is to be raised yet again for privacy compliance in Australia. Cyber-risk has become a key agenda item for boards for the public sector, and the impending mandatory data breach notification regime is set to propel cyber-risk to the top of the agenda.…
As with the Murray Inquiry’s Interim Report, the Final Report highlights cyber security and technology related fraud risks as an emerging trend for the financial services industry that presents many challenges. At the forefront of the risks that arise is the rapid pace of technological change that is occurring within the financial system and how the system operates. As a result, the emergence of new technology is placing demands on regulators to be more flexible,…
On March 18, 2014, Representative Jim McDermott (D-Wash.) sent a letter to US Department of Health and Human Services (“HHS”) Secretary Kathleen Sebelius “express[ing] concern about the backlog of appeals pending with the Office of Medicare Hearings and Appeals (“OMHA”)” and making recommendations for the improvement of the recovery audit contractor (“RAC”) audit appeals process.  Representative McDermott’s comments were based, in part, on the results of the OMHA Appellant Forum held on February 12, 2014.…
With many Australian organisations still coming to grips with recent changes to their privacy laws, legislation to mandate notification of privacy breaches is back on the agenda.  Amongst other aspects, the recent changes introduced significant fines and increased the scope for liability if personal information is exported.  This has forced organisations to review their privacy policies, internal processes and their contractual relationships with those they share personal information. The changes, which will likely receive bipartisan…