Why should your business be compliant ?
Since the Mandatory Notifiable Data Breach Scheme was introduced in February 2018, there have been 8 times more breaches reported to the OAIC. The community awareness and expectations are rapidly increasing on businesses to protect their information.
In May 2018, the Australian Senate passed a motion to improve Australia’s privacy regulations and bring local laws up to the level of the European Union. The governments expectations are also rapidly increasing on businesses. The bar is rising !
Civil penalties can be up to $2.1 million for companies, plus compensation for damages. Not to mention, loss of trust and reputation, and most likely loss of clients, and possibly your business.
During 2017 in Australia,
- 43% of cyber-attacks targeted small businesses. Hackers can penetrate small business systems more easily than large businesses. These attacks are on the rise.
- 22% of those small businesses breached, have closed down primarily due to loss of trust and reputation, and ultimately loss of clients and revenue.