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Consumers will have their financial information with complete security and transparency.

The Government has committed to applying the CDR bill to the sectors of energy, banking, and telecommunications. The CDR Bill means individuals are allowed to own their data by being given access to phone, internet, energy, and banking transactions. Consumers are also given full rights to control who can access and use their data.

What is Consumer Data Right (CDR)?

In November 2017, the Australian Federal Government announced a new wide-reaching Consumer Data Rights Bill. This will allow consumers to:

In Chapter 1 of the exposure draft, it reads: CDR is designed to give customers more control over their information, for example, to give them more choice in where they take their business or more convenience in managing their money and services. Over time it is expected that these same benefits will be rolled out to other sectors.

What the CDR bill means is that all businesses must uphold consumer protection laws at all costs. Data collection in this day and age has become a hot-button privacy and security issue, especially since the Cambridge Analytica Scandal. As a business owner, it is our responsibility to measure up to the standards set up by the CDR. We need to carefully consider how to protect our customers and use their data in the ways that they have consented to. Customer data must never be used unethically. Transparency is key.

 

To learn more about Consumer Data Right, download our free whitepaper here.

 

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