In just 30 days, on February 22, 2018, the Privacy Act Amendment (Notifiable Data Breaches) 2017 will become mandatory, requiring all businesses in Australia to notify the Office of the Australian Information Commissioner and any impacted clients about significant data breaches.
Almost every significant sized Australian business must comply with this new law.
The Privacy Act Amendment (Notifiable Data Breaches) 2017 covers most Australian government agencies, businesses with an annual turnover of at least $3 million, and smaller organisations (such those that handle health data).
It doesn’t matter if you are a for-profit, governmental, or not-for-profit organisation – if you handle personal information then you are required to secure it and have in place a standard plan to notify impacted individuals in the event of a data breach. If your organisation collects any of the following you are impacted by the revised Privacy Act:
- Credit reporting or building data.
- Personally identifiable information.
- Tax data.
The implementation of the Privacy Act Amendment (Notifiable Data Breaches) 2017 means that for most businesses they need to take steps to ensure compliance with an industry standard.
All businesses will now need to:
- Identify at-risk data
- Develop a compliant response plan
- Train staff to implement your plan
The truth about Cyber Security is more than 230,000 malware samples are being launched every day.
- Over 75% of the healthcare industry has been infected with malware over last year.
- 43% of cyber-attacks target small business
- The average cost of a data breach in 2020 will exceed $150 million
- Hackers attack every 39 seconds
- 64% of companies have experienced web-based attacks
- Since 2013 there are 3,809,448 records stolen from breaches every day, 158,727 per hour, 2,645 per minute and 44 every second of every day.
- Each stolen record could cost from $154 – $363 per record.
Are you willing to risk it? Petplan Professional can assist with cover for :
- Network Interruption
- Cyber Extortion
- Data Restoration, Recollection and Recreation
- Employee sabotage of data
- Breach of Service Attach
- Breach of Personal information
- Repair of company/individual reputation and more…
If you would like any assistance in ascertaining cover required or you have any questions please give Chris Chapman a call.
Business Development Manager – Petplan Professional
Dip Fin Services (Broking)
1-3 Smolic Crt, Tullamarine, Vic 3043
Tel: 03 9339 3318
Mob: 0411 265 746
Fax: 03 9339 3377