Is your business ready? Notifiable Data Breach (NDB) Scheme in effect 22nd Feb.
In 2017, a single data breach resulted in sensitive information of almost 50,000 Australians being leaked. This appears to be an ongoing trend and as a result, laws surrounding data breaches are being strengthened with amendments to the Privacy Legislation coming into effect on 22 Feb 2018.
Mandatory Notifiable Data Breach reporting will impact all companies with turnover >$3M as well as those companies (regardless of turnover) in the following areas:
- ALL credit reporting bodies
- ALL health and medical research businesses
- ALL businesses holding Tax File Numbers
Failure to comply with this legalisation could lead to a maximum $360,000 fine for individuals and $1.8mil for organisations.
How Cyber Insurance Can Help protect your Business
A Cyber Insurance policy plays a fundamental role in covering your business for costs incurred when reporting a Notifiable Data Breach. Most insurers, as part of their Cyber policy, offer a 24Hour, 7 days a week, 365-day incident response hotline. Giving you access to specialist vendor panel with local, regional, and global capabilities. Some of the additional benefits that Cyber cover can provide are:
- Incident response and investigation costs
- Crisis communications and reputational mitigation expenses
- Liability arising from failure to maintain confidentiality of data
- Liability arising from unauthorised use of your network.
- Regulatory investigations and or enforcement proceedings expenses and fines/penalties
For more information on the requirements of the Notifiable Data Breaches scheme including how to develop your Data Breach Response plan; visit the Office of the Australian Information Commissioner’s website here.
Speak to an Insurance Advisernet Adviser (click here to speak to your local Lewis Insurance Services adviser) for more information on how a Cyber Insurance Policy may assist you in managing your response to a notifiable data breach.
Lewis Insurance Services is here to help our clients with advice on helping to protect your business from Cyber events with Cyber Security insurance. To discuss further, please contact Lewis Insurance Services on 07 3217 9015 or send us an email by clicking here.
This article was published by our AFSL Licensee, Insurance Advisernet Australia Pty Ltd (19/02/2018)
This information and any accompanying material does not consider your personal circumstances as it is of a general nature only. You should not act on the information provided without first obtaining professional financial advice specific to your circumstances and considering the Product Disclosure Statement