Australia’s Mandatory Data Breach Notification Scheme
Hotline IT helping small to large businesses with Australia’s newly-passed mandatory data breach notification scheme
Earlier this year the Labour and Liberal parties united to introduce Australia’s mandatory data breach notification scheme, which aims to be in place within the year. The implementation of the newly-passed law has not been without controversy. This will affect all government agencies and organisations with a turnover more than $3 million a year.
The newly-passed law will see organisations reporting eligible data breaches or lost data to the Privacy Commissioner and notifying all affected customers as soon as they become aware of the breach, by publishing a publicized statement on the company website. With the growing digital economy, the objective of the new regime will bring accountability and transparency to organisations holding vast amounts of personal information. The law also intends on giving individuals the opportunity to change information that has been accessed or lost.
Serious or repeated failure to comply will see companies face penalties of up to $360,000 fines for individuals and $1.8 million for organisations and further reputation and commercial damage.
The introduction of the new law will require companies to report breaches but also take preventative measures against data breaches. Companies should use this time to review information assets and its data protection measures to minimize any risk of a breach. The requirements will put in place effective data breach response and notification processes that seek to protect individuals and organisations to suspected data breaches. The new laws will present companies with the opportunity to engage with customers on privacy protection and maintain trust in an increasingly digital world.
With the introduction of Australia’s newly-passed law, Hotline IT can help you prepare by offering a flexible solution that meets your business’s needs and budget