More than 30 data breaches have been reported to the Office of the Australian Information Commissioner in the three weeks since notification legislation was enacted. This follows 107 voluntary notifications last year, and we expect a great deal more this year.
Under the new laws that came in to place from the 22nd of February, organisations must inform affected individuals if a breach is likely to result in serious harm to any individuals whose personal information is involved in the breach, and also notify the Commissioner.
If entities don’t comply civil penalties may apply, up to $420,000 for Directors and $2.1m for Companies.
The Australian information Commissioner will release quarterly reports, and we will watch out for the updates.
Dudley Kneller (Partner at Madgwicks) is a good friend of Austbrokers Countrywide and he has posted a very good summary of the new Mandatory Data Breach scheme via LexisNexis Australia. We recommend all businesses watch this brief video to make sure you are aware of what you need to do with managing data risks.
WATCH THIS VIDEO