Privacy laws have changed. Will you need to comply?

Australian privacy laws were changed in early 2018, introducing new requirements for businesses and organisations of a certain size in the event that security of their customer data is compromised.

Data breaches occur when personal customer information falls into the wrong hands and can occur in a myriad of ways from cyber attack (scroll down for details on upcoming seminar on cyber security) to a staff member not securing their laptop properly or shutting down their computer.

Under the newly amended Privacy Act 1988, Australian Government agencies, businesses and not-for-profit organisations with an annual turnover of $3 million or more – among others – now need to comply with a mandatory data breach notification scheme.

The new law states data breaches involving personal information likely to cause serious harm must be disclosed in writing to the affected parties AND the Office of the Australian Privacy Commissioner.

Things you should do in response to the change:

  • Don’t panic! Data breaches are just like any other risk for your organisation. They can be managed effectively with the right processes and procedures.
  • Visit this page of the Office of the Australian Privacy Commission website for clear, helpful advice and guidelines.
  • Make sure all contracts state that your organisation abides by the requirements of the Privacy Act.
  • Review your procedures for reporting data breaches.
  • Have you run any cyber/incident data breach drills?
  • Does your organisation have an incident response team?

The risk of online data breach via cyber crime is a growing and very real threat to Australian businesses of any size.

It’s crucial business owners understand and manage the risk. To assist with that, MGIB is sponsoring a Lunch & Learn Seminar on April 10 run by the Bunbury Geographe Chamber of Commerce and Industries.

Questions addressed by three guest speakers during the two-hour seminar include:

  • Would you know if you had an online data breach?
  • Do you know your legal obligations if you suffer a data breach?
  • How do you know if your business is Cyber secure?

Book your ticket online: https://www.eventbrite.com.au/e/cyber-security-lunch-and-learn-series-tickets-44176354666

In addition, be assured that traditional insurance programs and risk management practices are constantly evolving to keep pace with these modern and emerging risks to your business.

Phone MGIB today to discuss.