Australian Privacy Act
Australian law for personal information handling via 13 APPs
23 NYCRR 500
NY regulation for financial services cybersecurity.
Quick Verdict
Australian Privacy Act governs personal data handling economy-wide via principles and breach notifications, while 23 NYCRR 500 mandates cybersecurity controls for NY financial firms. Organizations adopt them for legal compliance, risk management, and regulatory avoidance in Australia and NY.
Australian Privacy Act
Privacy Act 1988 (Cth)
Key Features
- 13 Australian Privacy Principles (APPs) govern data lifecycle
- Notifiable Data Breaches scheme mandates serious harm notifications
- Accountability model for cross-border disclosures (APP 8)
- Reasonable steps requirement for data security (APP 11)
- $3M turnover threshold with targeted small business exceptions
23 NYCRR 500
23 NYCRR Part 500 Cybersecurity Regulation
Key Features
- Annual CISO/CEO dual-signature certification
- 72-hour cybersecurity incident notification
- Phishing-resistant MFA for high-risk access
- Comprehensive TPSP risk management contracts
- Risk-based penetration testing and vulnerability assessments
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
Australian Privacy Act Details
What It Is
The Privacy Act 1988 (Cth) is Australia's principal federal regulation for handling personal information. It establishes a principles-based framework through the 13 Australian Privacy Principles (APPs), applying to government agencies and private sector entities. Its scope covers collection, use, disclosure, security, and individual rights, using a risk-based, contextual 'reasonable steps' approach.
Key Components
- 13 APPs spanning transparency (APP 1), collection (APPs 3-5), use/disclosure (APPs 6-9), integrity/security (APP 10-11), and rights (APP 12-13).
- Notifiable Data Breaches (NDB) scheme in Part IIIC for eligible breaches.
- OAIC enforcement via investigations, audits, and penalties up to AUD 50M. No formal certification; compliance is demonstrated through governance and audits.
Why Organizations Use It
- Legal mandate for entities over $3M turnover or specific activities (health, TFN).
- Mitigates breach risks, penalties, and reputational harm.
- Enables secure cross-border flows while building stakeholder trust.
Implementation Overview
Phased: gap analysis, policy design, controls deployment, incident readiness. Applies economy-wide with Australian link; suits all sizes via proportionality. OAIC assessments verify compliance.
23 NYCRR 500 Details
What It Is
23 NYCRR Part 500 is the New York Department of Financial Services (NYDFS) Cybersecurity Regulation, a state-level mandate for financial entities. It establishes minimum risk-based cybersecurity requirements to protect nonpublic information (NPI) and information systems, applicable to Covered Entities like banks, insurers, and licensees operating in New York.
Key Components
- 14 core requirements including cybersecurity program, CISO appointment, MFA, encryption, TPSP oversight, penetration testing, and 72-hour incident reporting.
- Built on risk assessment foundation (NIST CSF or equivalent); annual CISO/CEO certification with five-year record retention.
- Phased compliance for Class A companies with enhanced audits and controls.
Why Organizations Use It
- Mandatory for NY-regulated financial services to avoid multimillion-dollar fines (e.g., Robinhood $30M).
- Enhances resilience, reduces incident risk, builds stakeholder trust, and aligns with enterprise risk management.
Implementation Overview
- Risk assessment, asset inventory, MFA rollout, TPSP contracts, IR playbooks.
- Targets NY financial firms; phased timelines up to 24 months post-2023 amendments; no external certification but DFS examinations and attestations required.
Key Differences
| Aspect | Australian Privacy Act | 23 NYCRR 500 |
|---|---|---|
| Scope | Personal info handling lifecycle, APPs, NDB breaches | Cybersecurity program, MFA, encryption, incident response |
| Industry | All sectors over $3M turnover, Australia-wide | NY financial services licensees, NYDFS-regulated entities |
| Nature | Mandatory principles-based privacy law, OAIC enforced | Mandatory cybersecurity regulation, NYDFS enforced |
| Testing | OAIC audits, no mandated pen testing | Annual pen testing, bi-annual vulnerability scans |
| Penalties | Up to AUD 50M or 30% turnover | Multi-million fines via consent orders |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about Australian Privacy Act and 23 NYCRR 500
Australian Privacy Act FAQ
23 NYCRR 500 FAQ
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