ACCC updates APRA-regulated entities applying for access under the Telecommunications Regulations 2021

The ACCC is working with the Federal Government, regulators along with other relevant organisations to enable closer coordination of data sharing between Optus and APRA-regulated entities. This work enables data sharing pursuant to the Telecommunications Regulations 2021, which is planned to offer better protection to Aussies following the recent Optus data breach.

Some key points:

• The amount of information disclosed is conditional upon what is reasonable and proportionate to the needs of the financial institution as well as what is essential to protect their customers.
• Data sharing will happen in a extremely secure manner and on terms that will ensure the protection of the privacy of individuals.
• All APRA-regulated financial institutions, apart from foreign banks branches, are qualified to apply to obtain the data should they choose to.
• To opt in, entities will be providing APRA written attestation to APRA Prudential Standard CPS 234 Information Security, related to the access of data from Optus related with the recent breach.
• Entities will have to provide written commitments to ACCC and the OAIC that they will obey certain conditions, including Privacy Act obligations.
• Once an entity has fulfilled with these requirements, it would work with Optus to enable data access.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au