29 Apr Another Day, Another Data Breach

Posted at 23:47h in Cyber Insurance, News, SME by

Another day, another data breach

Over a year on from its introduction the Notifiable Data Breaches (NDB) Scheme has resulted in increased awareness and action on personal information security.

The obligation to notify individuals whose personal information is involved in a data breach that is likely to result in serious harm, has given rise to more claims examples appearing in the news-cycle.

Between the scheme’s inception in February and December 2018, 812 data breaches were reported under the NDB Scheme. The notification must include recommendations about the steps individuals should take in response to the breach.

The Australian Information Commissioner and Privacy Commissioner, currently Angelene Falk, must also be notified of eligible data breaches.

“Most of the data breaches reported to us over the past year involved a human factor, like sending information to the wrong person or someone’s login credentials being compromised through phishing or other means and used in a cyber attack.” Ms Falk said.

“We expect organisations and agencies to act on the risks highlighted by these reports ― whether or not they were directly affected ― and take steps to prevent a similar breach of Australians’ personal data.”

The OAIC website has advice for individuals affected by a data breach, and prevention strategies for organisations developed with the Australian Cyber Security Centre.

The OAIC also provides a guide for agencies and organisations on how to deal with a data breach and when to notify the OAIC.

There is no such thing as an impenetrable system; this is why in today’s digital age Cyber Insurance is a must for your business to mitigate your exposure in the event of a data breach.

Cyber Insurance is designed to help protect your business from the financial impact of computer hacking or a data breach. Most Cyber Insurance policies will come with an expert response service to aim to get your business back on track as soon as possible.

How can a Cyber Insurance policy respond in the event of a data breach
A typical cyber insurance policy is designed to help you with both preventing breaches in the first place and dealing with them if and when they occur. Cyber insurance policies usually include the following:
  • The cost of restoring or recreating electronic data following a breach or leak
  • Forensic services to investigate a breach
  • PR coaching in the event a breach harms your business’s reputation
  • Assistance guarding against data breaches, hacking and employee error
  • Guidance on how to respond to a breach
  • Funds to cover the adverse financial effects related to a breach
  • Funds to cover any fines that might be payable following a breach

 

Don’t wait until it’s too late – click here to obtain a Cyber Insurance quote online in a matter of minutes.

If you have any further questions regarding Cyber Insurance and how it can protect your business in the event of a data breach, contact CRM Brokers on 1300 880 494.

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