Latitude Financial Services could face up to 50 million dollars in fines if found negligent in protecting customer data.

The company revealed almost eight million Australian and New Zealand driver’s license numbers had been stolen – along with passport numbers and financial documents.

University of New South Wales Business School Associate Professor Rob Nicholls has told Deborah Knight the company should have been checking in with inactive customers:

“Storing the information is cheaper than spending the time and money on cleansing that data,” said professor Nicholls

See more highlights from Deb Knight below:

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