What are your risks ? What are you willing to risk ?
What are your risks ? What are you willing to risk ?
It has a detrimental impact on your business and can result in business closure.
Without client trust in your business (your brand), you not only lose sales, you gain negative brand advocates that can turn potential clients away from your business as well. (Bad news travels fast, more so these days with social media)!
Client trust is so vital in today’s digital environment where client expectations are increasing, competition is fierce, and clients have a ‘public voice’. Even for small and medium size businesses, it is a brand differentiator (your businesses reputation and values) that could make or break your business. You only have to look at the recent scandals around Facebook or the Australian Banks to see this happening.
The good news is that the degree of negative impact on your business from a privacy breach is in your hands. With a well-prepared ‘Data Breach Response’ (DBR) plan.
If a privacy breach is handled well, it can possibly restore and even enhance your brand’s reputation. It illustrates to your clients that your business genuinely cares about them and their needs.
Statistics of privacy breaches and the negative impact on businesses:
During 2017 in Australia, 43% of cyber-attacks targeted small businesses. Out of those, 22% have closed*. The common thread for many of the closures was poor preparation and handling of the breach resulting in loss of trust, and ultimately clients.
It is important to remember that time matters!
Regardless of the time, effort and investment you have made in building client trust, a delayed response, decision and action post breach – is a poorly handled breach. It will significantly increase negative impacts on your business, its reputation, resulting in loss of client loyalty and sales.
KEY TIPS – for developing and sustaining a Data Breach Response (DBR) plan:
KEY BENEFITS – your business can gain with a well-prepared DBR plan:
A SMART CHOICE – to minimise negative impact of a breach on your business, speak with the experts at Privacy Proactive. We can help you:
Your business mindset best be ‘when’ not ‘if’ a privacy breach will occur!
Our working environments have become more digital, mobile and with higher risks that expose our daily business operations. Not all businesses conduct business online however they are all still at risk.
Small to Medium businesses are often a prime target for online hackers and scammers as they typically have lower budgets and less resources they can invest into their security.
Cyber-crime amongst a number of things can include deceptive conduct like theft of critical business information (including your clients’ details) or hacking a business to obtain a client’s details or access to a supplier’s network.
Statistics of small to medium-sized business and cyber-crime incidents in Australia reveal how vulnerable they are*:
*NSW Small Business Commissioner in May 2017
Your client information is an asset worth protecting because it can make or break your business.
There are plenty of hackers out there working on new ways to access your business information, so take steps to protect what’s yours now. Your clients entrust their personal information with you in order to do business with you. Any event of personal information being jeopardised (hacked, unauthorised access or accidentally providing client details to the wrong recipient) can do irreparable damage to your business’ reputation and in some cases close it down permanently.
Whether or not your business must comply with Privacy Regulations, your clients expect you to protect their personal information. By treating their data with the utmost level of care you have a great opportunity to gain a competitive advantage and increase the level of trust in your brand.
Having a robust and sustainable Privacy Program will prepare your business and help:
Clients are becoming more reluctant to share information due to lack of trust in businesses protecting their data.
A survey conducted in 2018 of over 500 Australian SMEs confirms this trend:
You can narrow this gap by proactively maintaining your business’s diligence as a trusted custodian of your client’s information and minimise the risk of a breach.
If you would like to know more, Privacy Proactive is your ally in protecting your greatest asset – your clients’ information. Contact Us
Protecting customer personal information and minimising risk is often put on the back-burner – until it happens to you.
A recent example reflects this sentiment. I conducted a Current State Analysis; Risk Assessment and provided recommendations for a client (an SME). It was a busy time of year for the client and they didn’t implement the recommendations straight away.
In the mean-time a breach occurred with a customer’s personal information being sent to the wrong recipient.
Management were unsure of the action to take! It’s challenging to determine when notification is appropriate (to notify or not?). Sometimes, notifying individuals can cause undue stress or harm. For example, notifying individuals about a data breach that poses very little or no risk of harm can cause unnecessary anxiety. In my client’s situation it also didn’t help that they had limited information about the privacy breach.
After a quick ‘on-site’ consult, I implemented the Data Breach Response (DBR) Plan specifically tailored for the client. The plan was executed enabling management to have all the information in-front of them to make an informed decision about the breach. All within sixty minutes!
Not implementing the recommendations to manage and minimise privacy breaches within their business cost management almost a week to be informed about the breach. A lot can happen within one week and breaches that may initially seem immaterial may be significant when their full implications are assessed.
My client realised how ill-equipped their staff were about the importance of handling secure information correctly and what procedures to take in the event of a breach occurring.
Timing and appropriate action can make or break the reputation of a business and ultimately their customers/sales!
I’m a small business owner and understand that the small and medium business environment is very dynamic! Maintaining your customers and growing sales are challenging, not to mention the costs associated with sourcing and training new staff and abiding by regulations.
It’s a passion of mine to help small and medium businesses protect their greatest asset; their customers and their businesses reputation. I’m providing my 35 years of corporate experience, primarily in compliance and risk management in a cost-effective way for SME’s here at Privacy Proactive.
What are the chances of this happening to me?
A privacy breach will have an impact on your business. It’s a given.
The degree of the impact is in your hands.
The handling of the breach will have a lasting impact on customer trust.
To the point, it can destroy your brand. However, if handled well, it can possibly restore and even enhance your brand’s reputation.
Having a well-prepared Data Breach Notification (DBN) plan will go a long way to minimising the damage of a breach when it occurs.
A few key tips to developing and sustaining a DBN Plan :
A well-prepared DBN plan delivers to your business :
I’ve sent information to the wrong person and more than likely many people reading this would have a similar experience. We are after all human !!
As business owners (not matter what size), we can minimise the likelihood of human errors occurring
Your business needs to at least :
A robust and sustainable Privacy Program will go a long way to achieving the above and more.
Implementing a Privacy Program can give comfort and build trust of your clients and employees.
If you would like to know more about implementing a cost-effective and tailored Privacy Program, please contact me at Privacy Proactive.
After over five months of being aware of a major breach (impacting approximately 9.4 million customers), Cathay Pacific finally reports it to authorities.
Significant backlash from HK authorities, other Regulators outside HK (including EU, Australia) and most importantly customers, will have a long lasting impact on trust and reputation of the company.
BEING PREPARED as best as possible with a well planned and well understood Data Breach Notification Plan is paramount to minimising damage when a breach occurs.
Recently, several large organisations have reluctantly grab the headlines due to Privacy data breaches.
However, small business owners need to be aware, these breaches are not only occurring at the top end of town.
Some interesting facts :
Since the introduction of the Mandatory Notifiable Data Breach Scheme in Australia in February 2018,
In Australia during 2017,
Unfortunately, many small businesses face an uphill battle to spend sufficient time to build up and sustain privacy policies and practices to meet their obligations. With the introduction of the mandatory notification scheme, this has become a greater climb.
Privacy Proactive helps businesses manage and protect their Privacy risks by preparing them as best as possible.
We provide very cost-effective solutions to enable businesses to meet their obligations. Our approach allows management and staff more time to focus on core business activities.
Why your small business should consider Privacy Proactive
Human error is playing a significant part in Privacy Data Breaches in Australia.
Since the introduction of the Mandatory Notifiable Data Breach Scheme on 22/2/18, 51% of breaches reported have been due to human error.
How to minimise these ?
On-going training will start to build awareness and move towards ingraining the correct ‘habits’ into staff. It takes time and effort but a well developed training plan is moving in the right direction.
YOUR Facebook profile may have been raided by another 200 apps that misused or even sold your personal information, the social media giant revealed in the ongoing fallout from its largest data scandal to date.
Facebook discovered the potentially dodgy applications as part of an “investigation and audit” designed to unearth apps like the personality test that harvested information from users and sold it to political data firm Cambridge Analytica.
Data such as phone numbers, private messages, and religious views, taken from as many as 87 million Facebook users and more than 311,000 in Australia, was allegedly used to influence voters in the 2016 US election.