Notifiable Data Breach Scheme is here – Are you ready?

Notifiable Data Breach Scheme is here – Are you ready?

The Notifiable data breaches (NDB) scheme came into force on 22nd of February 2018. Experts warn businesses may be left scrambling if they have not locked down personal information and developed a response plan to deal with privacy breaches.

When a data breach occurs, a quick and effective response can have a positive impact on people’s perceptions of an organisation’s trustworthiness. That is why being prepared for a data breach is important for all organisations that handle personal information.

Be Prepared

Even if your business is too small to be impacted by the new privacy rules, this is still a worthwhile exercise. A serious data breach can impact your customers and dent your business reputation; mitigating the damage is easier if you are prepared and can respond quickly. Macpherson Kelley Lawyers IT principal Malcolm McBratney recommends reviewing your current privacy policy and, if necessary, developing a data breach response plan to accompany it.

“What’s needed is a simple document outlining how you’ll determine whether a breach has taken place, who’ll be responsible for doing so, the steps you’ll take to remedy the breach, based on the nature of the incident, and how you’ll go about issuing a statement to customers and the Commissioner” McBratney says.

If you outsource any computing or communications functions, it would be a good time to review your contracts with there suppliers. “Contracts should state that if the supplier experiences a data breach, they’ll inform you immediately and take steps to fix it in a timely manner,” McBratney says.

The Case For Staying Safe

Prevention is always better than cure, so now is the time to put some practical strategies in place. Regular training can remind staff of cyber-security basics – changing passwords frequently, securing laptops and smartphones and not clicking on unsought email attachments.

In the event of a serious data breach, cyber liability insurance may provide financial protection for your business. Policies can cover losses arising from hacking, data theft or accidental loss of client information, including the costs associated with cyber response and business interruption.

Which Cyber Insurance Policy is Right For You?

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 cyber-attack.

Find out how little it costs to protect your business from the costs attached to a cyber-attack. You can obtain a Cyber Insurance quote online in a matter of minutes, click here to start or call us on 1300 880 494.

Partnership with Stay Smart Online

CRM Brokers are proud partners of Stay Smart Online, an Australian Government initiative designed to help everyone understand the risks and simple steps we can take to protect our personal and financial information online.

Stay Smart Online also provide a free Alert Service to explain recent online threats and how they can be managed. Small business users are provided with easy to understand online safety and security information and solutions to help protect their online safety a privacy. Sign up to the Alert Service

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