20th December 2001 AUSTRALIA: Computers - New privacy rules a boost for high-techs.
By Emma Connors.

The new privacy regime which comes into force tomorrow will continue to generate revenue for the information technology sector for some time to come, according to Dr Paul Twomey, former head of the National Office forthe Information Economy.

The new privacy regime which comes into force tomorrow will continue to generate revenue for the information technology sector for some time to come, according to Dr Paul Twomey, former head of the National Office for the Information Economy. Dr Twomey and his business partner, former Clinton adviser Mr Ira Magaziner, are the latest in a long line that have identified the extension of legal protection of personal information into the private sector as a money-making opportunity. To date, lawyers and consultants have been the most visible as companies rush to prepare for the new legislation. Consultants have charged up to $100,000 to carry out privacy reviews while legal counsel has been called in to advise on new corporate policies and responsibilities. In the information technology sector, some e-commerce and security specialists have benefited as companies focus on e-security issues. Database specialists have also picked up business through a focus on information access. Some observers believe just 5 per cent of companies that are within the scope of the new legislation are compliant. However, a new era is set to start, according to Dr Twomey, as businesses move beyond simply complying. Yesterday, he announced the formation of Privacy Solutions Asia Pacific, a company which has licensed US-developed privacy technologies that aid compliance and focus on opportunities. Inter-enterprise record collaboration, for example, allows two or more companies to match consumer data records while keeping personallyidentifiable data out of reach. The separation of functional information and personal information could, for example, allow insurance companies to re-insure policies without having to obtain permission first from customers and then notifying them every time the policy changed hands.

Dr Twomey and Mr Magaziner have spent more than a year researching the privacy market via an "information catalyst" company, Argo Pacific, established by them after Dr Twomey left NOIE in July last year. Argo has ploughed $1 million into Privacy Solutions. "For six months, executives were basically in denial. Then, there were last three months, the auditors have become involved and it has been recognised as a business issue," Dr Twomey said. Meanwhile, the Australian Information Industry Association believes the new legislation will provide a boost for e-commerce because it will increase consumer confidence.
Copyright John Fairfax Holdings Limited 2001. Not available for
re-dissemination.

Source: AUSTRALIAN FINANCIAL REVIEW 20/12/2001 P38
********************************


MEDIA RELEASE

TECHNOLOGY THE KEY TO PRIVACY COMPLIANCE
Former NOIE CEO forms privacy solutions company

Sydney, 19 December 2001 - Technology will be the main enabler behind
compliance with the new Privacy Legislation according to Dr Paul Twomey, the
former Chief Executive of the National Office for Information Economy and
founder of Privacy Solutions Asia Pacific.

Privacy Solutions is designed to deliver state-of-the-art technology that
helps companies to comply with the requirements of the new Privacy
Legislation which comes into effect on December 21.

"The lack of preparedness among many Australian companies faced with this
impending legislation is largely due to the sheer volume of stored
electronic customer data," said Dr Twomey.

"Privacy Legislation is not unlike the GST. It is compulsory under the law,
it won't go away, and it will be enforced by a regulator. To date
enterprises have been focusing on legal compliance. However, the real issue
is now to find ways of creating value from privacy and, to realise this
enterprises will have to implement systems changes.

"The key to this issue is adopting proven state-of-the-art privacy
technologies because these offer greater efficiency, greater certainty of
enterprise-wide compliance and many new types of functionality that are not
available via traditional means."

Privacy Solutions Asia Pacific (Privacy Solutions) is the result of more
than 12 months research and development undertaken in Australia and the
United States by Twomey in conjunction with Ira Magaziner, former Domestic
Policy Adviser to the former US President, Bill Clinton.

"Our immediate focus in the Australian market are the sectors most likely to
be heavily impacted by the Privacy Amendment Act, including health,
recruitment, travel and financial services," said Dr Twomey.

Privacy Solutions has identified and sourced state-of-the-art privacy
technologies developed in the US. It is also developing its own
intellectual property. Both will be offered to enterprises in Australian and
regional markets.

These technologies are particularly applicable under the new legislative
environment in Australia and will underpin Privacy Solutions offerings to
Australian organisations seeking to comply with the new Privacy Legislation.
   
 

 

 

 

 

 

Website by Diop Design