So today we are going to discuss,
Under the Legislation, Personal Information can be information such as,
Essentially All Information you collect from your Clients, Employees and Website Visitors.However, most businesses aren't aware that there have been further recent changes to the Privacy Legislation that significantly increases a businesses risk especially if your business has employees.So Please Keep Reading
On the 22nd of February 2018, the Office of the Australian Information Commissioner introduced the latest Amendment to the Privacy Act being The Notifiable Data Breach legislation. Essentially the legislation outlines now and why all businesses now need to notify the OAIC if their business suffers any sort of data breach. The most obvious of course is having their computer systems hacked, but it also includes having any sort of data misplaced or solen data, which would include laptops, smartphones etc.
Data Breach Fines can be horrendous. The fine for an individual which could be made up of several offences is $420 000. The fine for a company could be as high as $2,100 000.
2018 saw an 8-fold increase in Reportable Data Breaches which resulted in 22% of those businesses having to shut their doors.
Not only is there a cost in fines and a Loss of Reputation, but part of the mandatory process in recovering from a Notifiable Data Breach is the need to contact all those clients affected by the breach. This includes an explanation and the potential remedies. Where do you think, those businesses are going to go when they next need to order the product your business supplies?
If you like to know more about "How You Can Bring Your Business Up To Date With the Latest Changes to the Privacy Act Legislation" please feel free to request our FREE Facts Sheet here. Until Next Time, Have a Great Day
With over 35 years’ experience Collection Consultancy Australia prides itself in offering Products and Services designed to Protect Business Assets and Cashflow. Quite often the process can start from simply making business owners aware that there is option available, through to business specific solutions and education. We are here to let business owners know that there can be a better way to secure their financial future.
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