We are all too familiar with the growing number of data breaches in both Australia and abroad. The Office of the Australian Information Commissioner (OAIC) recently issued its Notifiable Data Breaches Report (Report) for June 2023 to December 2023, revealing some concerning findings.

Not so long ago, the possessions that people left to their estate after passing away were physical and tangible like cars, cash or jewellery. These days however people produce a significant digital footprint consisting of accounts, profiles, and digital assets. New assets and investments such as cryptocurrencies, NFTs, loyalty program accounts and social media accounts are all changing the succession planning process. Existing tools like Wills and trusts remain effective to deal with these digital assets.

A DAO creates an ‘organisation’ by establishing relationships between people software that operates on the blockchain. A DAO uses the capabilities of smart contracts and decentralised technology to streamline and enhance its decision-making processes.

What is an NFT?

A Non-Fungible Token (NFT) is a type of digital asset or token of a small piece of data linked to an object, such as a unique image, cartoon or animation.

Smart contracts are programs stored on a blockchain that self-execute when predetermined conditions are met.

The Australian Tax Office (ATO) has released a statement outlining their priorities ahead of the end of financial year 2021/22, with crypto-assets being one of these priorities due to its rising popularity.

The Australian Cyber Security Centre (ACSC) defines a cyber incident as an unwanted or unexpected cyber security event, or a series of such events, that have a significant probability of compromising business operations.

The Online Safety Act 2021 (Cth) (Act) came into effect on 23 January 2022. The Act aims to develop the existing regulatory framework and vest the eSafety Commissioner with greater investigative and enforcement powers.

The Australian Information Commissioner and Privacy Commissioner, Angelene Falk, has recently determined that the Australian Federal Police (AFP) has failed to comply with its privacy obligations in using the Clearview AI facial recognition tool (FRT).

On 8 December 2021, Treasurer Josh Frydenberg announced a digital economy roadmap (Roadmap), which applies to payments and crypto assets.

Australia’s much-admired winemaker, Penfolds, has recently announced its endeavours to partner with BlockBar, a leading non-fungible token (NFT) marketplace for luxury wine and spirit products. An NFT is a unique online token that exists on a blockchain and cannot be replicated.

Facial recognition technology (FRT) is now utilised across many industries and businesses. While FRT is becoming increasingly easier to implement, it is crucial that business’s adhere to privacy laws when using this technology.

The impacts of COVID-19 have sped up Australia’s transition to a digital economy and accelerated virtual means of conducting business.

For some time, the Australian Competition and Consumer Commission (ACCC) has been carefully examining the impact of the dominant digital platforms on competition and Australian consumers. This culminated in the start of 5-year ‘digital platform services enquiry’.

When we engage someone to perform a task, it is a common expectation that it will be that person or organisation who actually does the work. This is particularly the case for professional advice, consulting or areas of knowledge where the expertise of specific individuals is a key reason for entering into a contract for services.

Are you thinking of selling your business? It will be a typical requirement that all assets you are selling are provided to the buyer free of encumbrances.

With bitcoin prices skyrocketing, investors becoming aware of the instability of fiat currencies (AUD, GBP, USD etc), and low interest rates stemming from the economic downturn of COVID-19, the world of cryptocurrency is once again filling up social media feeds.

The unfair contracts regime in the Australian Competition and Consumer Act has had a long and troubled history.

Following multiple cyber-attacks to financial service adviser RI Advice Group Pty Ltd (RI), the Australian Securities and Investments Commission commenced proceedings against RI alleging contravention of its obligations under the Corporations Act 2001 (Cth) (Corporations Act) for failure to have adequate cyber security systems as an Australian Financial Services licence holder.

The Australian Competition and Consumer Commission (ACCC) has continued its rampage on the online marketplace industry in ACCC v Sony Interactive Entertainment Network Europe Ltd [2020] FCA 787, as it continues to vigilantly protect Australian consumers that purchase items online.