The Treasury Laws Amendment (Consumer Data Right) Act 2019: Implications for Businesses

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Summary:

The Consumer Data Right (CDR) Act 2019 regulates data collection and sharing in Australia, granting consumers the right to access their own data, portability, and informed consent. The Act requires businesses to comply with three core pillars: Access to Data, Data Portability, and Informed Consent. Compliance challenges include regulatory oversight, data security, and consent mechanisms. To comply, businesses may need to invest in technological upgrades, including systems for data portability and cybersecurity measures. The CDR also creates opportunities for small and new entrants to gain access to consumer data, leveling the competitive playing field. Long-term considerations include ongoing compliance, scalability, and adaptation to the evolving data-driven landscape.