Australians to be fined $1.1 million for data breaches (scmagazine.com.au)

I welcome this wholeheartedly, this is a serious problem considering everything is cloud based these days. It's all too easy to store your data online but not know if it's going to be there the next time you login. Hopefully other countries if they haven't already adopt similar approaches.

I'm wondering if this threat of being fined won't determine companies to hide data breaches. There should be an incentive for honest companies.