As of 13th February 2017 the Federal Parliament passed amendments to the Privacy Bill which now makes it compulsory for businesses to notify authorities of data breaches. The legislation affects all private sector businesses (including not-for-profits) with a turnover greater than $3m.
Data breaches include;
A data breach must be reported to the Office of the Australian Information Commissioner as well as notifying the individual it effects. Whilst the notification to authorities may at first appear to be relatively straight forward, the costs associated with notifying your customer base can be quite high.
An independent study in 2016 found:
Consequence of failing to report a data breach can result in penalties of up to $1.8 million.
Cyber liability insurance is designed to protect your business from such a costly event. Our client, FD Beck & Sons are experts in all aspects of business insurances and they can tailor a cyber liability insurance policy to meet your needs. The insurance can also cover losses to your business, loss to others, cyber event response costs and cover for business interruption.
If your business has a turnover greater than $3,000,000 and you are liable to report data breaches, please go to www.cyberinsuranceonline.com.au or contact 03 9583 0778 further for details.