Compliance Guide: Australia & its New Telco Regulation (Updated 2024) | UpGuard

This article analyzes the large-scale Optus data breach and explains recent Australian telecommunications regulation amendments that allow telcos to share approved government identifiers of impacted customers with APRA-regulated financial institutions for fraud monitoring. It outlines compliance requirements—CPS 234 alignment, formal attestations to APRA, strict purpose-limited use and prompt destruction of shared data, and robust third-party/vendor risk management—and recommends UpGuard’s Vendor Risk Management solution to help financial entities meet those obligations.