Oaic Finds Big Four Banks Are Handling Consumer Data With Good Privacy Practices
As part of the first CDR privacy assessment, the OAIC, which is a co-regulator of the CDR, examined ANZ, Commonwealth Bank, National Australia Bank, and Westpac as they were initial CDR data holders. Each bank was evaluated according to their compliance with privacy safeguard 1, which requires providers to have a CDR policy describing how they manage consumer data and implement internal practices, procedures, and systems to ensure compliance. There are 13 legally binding privacy safeguards under the CDR that set out consumers’ privacy rights and providers’ obligations when collecting and handling their data....