In recent years, cybercriminals have repeatedly tried to steal personal information processed by businesses against small and medium-sized enterprises in Australia. So Australia's goverment recently introduced a new policy to make the handling of data leaks more transparent, while ensuring that your business remains highly trusted with its customers.
What is the new policy?
If there is a data leak in your business before February 2018, your business may not have to report to the Australian Information Commissioner's Office at (OAIC).
In other words, there is no legal constraint on such events. However, the latest changes to privacy law require businesses to be more proactive in handling personal data.
Personal data is defined as "personal data, whether true or not, as long as personal information or opinions that can identify an individual or reasonably identify an individual are recorded in any form".
From Feb. 23, 2018, you must report all data leaks related to personal data to OAIC.
As a businessman, this can lighten your burden. Imagine, relying solely on personal strength to crack the network attack is very difficult. In fact, the issue of data leaks is widespread, and the study points to A $500 billion a year in losses to the global economy.
The new law, known as a "notifiable data leak" (Notifiable Data Breaches), aims to more accurately identify hacking activities.
If you believe that business information has been invaded or stolen, or if you suspect someone is accessing the business system without authorization, you need to take immediate action.
Such violations or theft can cause serious damage to personal information and damage your business.
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It is important to review your business network security process and communicate with your employees. Here are several steps:
1. Review current business plans and processes
What measures do you have in your business to prevent cybercrime? What areas need improvement? Make changes if necessary.
2. Make sure everyone on your team understands their role.
Explain the new legislation and write down appropriate steps to ensure that in-house business personnel comply with the law and understand how to deal with it.
3. Understand professional terminology
When data leaks occur, the professional legal wording is "unauthorized disclosure" (unauthorised disclosure). If you feel at risk, trust your intuition and act. Also remember, injury is not just physical injury, but psychological, emotional, economic and property damage.
4. Improve the awareness of business employees about coping measures
The main purpose of amending the law is to better protect everyone-including your business and a wide range of consumers. Once your team knows how to deal with security vulnerabilities, you can detect crime more accurately.
What if my business gets invaded?
If personal information is intruded or stolen, note the events and the possible impact on the customer. First, you must prepare the data disclosure statement and send it to OAIC. Second, you need to inform the affected customer about the incident and how to deal with it.
You can notify them in three different ways:
- Tell everyone affected.
- At the same time, tell those who might be at risk
- If you can't get in touch with these people, post a statement on your website and publish it: advertisements in newspapers, posts on websites and social media platforms, and so on.
Keep in mind that if you do not act, you may face a personal fine of A $360000 and a fine of A $1.8 million for business.
What kind of enterprises will this legislation affect?
The old privacy law (Privacy Act) applies to every type of business and business in Australia. However, the new data violation law applies to businesses earning more than A $3 million a year and to any small business that processes personal information, including those earning less than A $3 million.
These businesses, such as insurance brokers, bankers, accountants, lawyers, psychologists and health insurance providers, are often exposed to personal data.
To protect your business.
Of course, you can't completely protect yourself. Both internally, third-party hackers and hackers thousands of miles away can beat up awareness and use of anti-virus software to raise awareness of cybersecurity, but preparing for any potential loss is also worth considering.
For example, Network liability Insurance (Cyber Liability Insurance) guarantees the costs associated with your business's data disclosure events. This includes business disruptions, legal investigation and data recovery costs, as well as blackmail or crisis management costs required to maintain business credibility. The insurance also guarantees the costs of defending itself, compulsory notification fees and other legal costs.
Even if data leaks are inadvertently triggered, such as when someone misplaces a device or sends an e-mail to the wrong person, the insurance can still protect you.
If you are worried about protecting your business from data leaks, you can read more about online liability insurance and use these measures to enhance data security in your business.
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Introduction to Australian Commercial Insurance
Commercial insurance is needed in many industries in Australia, which can cover real estate sales loan brokers, accountants, immigration agents, designers, architects, marketers, consultants, etc. Go to Bizcover.com.au/cn to learn more!
Commercial insurance includes professional liability insurance (Professional Indemnity Insurance), public liability insurance (Public LiabilityInsurance), network liability insurance (Cyber liability insurance) and other commercial insurance (Business Insurance), including property insurance (Content), Business interruption risk (Business Interruption) and Cash loss risk (Money)
Etc. Depending on your business operation industry and specialty, the commercial insurance you need to buy is often different.
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