The new Data Breach Notification Laws came into effect in February 2018. Now you may be asking yourself, “Do these laws affect me?” They’d affect any business which either has a revenue of $3 million or over or deals with a client’s TFN. Kamino recently surveyed advisers, accountants, and superannuation funds, and asked them specifically if they were aware of the new data breach notification laws. Only 32% of survey respondents said they were completely aware of them.
What Are the New Laws?
Basically, if you experience a cyber security breach and any of your clients or customers are affected by that, you have to notify your clients of the breach, and you have to notify the OAIC. As advisers and accountants, you would be very aware of how important client information and data is to the success of your business. Your clients trust you with their financial lives. Therefore, monetary damage aside, if you experience a cyber breach incident, the major concern here is the risk of brand damage.
What Can You Do?
First of all, read up and research. Secondly, get an independent cyber security audit. An audit will show you where your vulnerabilities already are in your business, and you’d rather know from the good guys what’s going on than waiting for the bad guys to be able to get in there. If you haven’t already invested in cyber insurance, now is probably the time. You can go and speak to an independent insurance broker who specializes specifically in cyber insurance for small to medium businesses. Lastly, educate your staff. One sloppy team member can topple a whole business if they click on a risky link or open up a wrong attachment. So make sure you invest in training your staff and have stringent processes and procedures in place when it comes to cyber security.
Keep Your Data Safe
There’s a couple of useful tips if you’re looking to protect yourself in light of the new data breach notification laws. If you want to receive data security alerts on an ongoing basis, please contact us.