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Big penalties for small business under new data breach reporting laws.
If you collect personal information from customers and staff, new mandatory data breach reporting laws could impact you.
From 22 February 2018 certain types of data breaches must be reported to the Office of the Australian Information Commissioner (OAIC), as well as the individual affected.
The legislation carries significant financial penalties for businesses that fail to report breaches, and it’s estimated to affect any small business that collects personal information from their customers, and staff.
With penalties of up to $360,000 for individuals and $1.8 million for organisations, the impact of a breach on a small business is devastating
According to the Australian Small Business and Family Enterprise Ombudsman a new study reports that 44 per cent of Australian businesses are not fully prepared
Last year Telstra found 33 per cent of small businesses don’t take proactive measures to protect against cyber breaches.
To find out more about what a breach is, how to report it, or how to take steps to avoid notification in a timely manner can be found on the OAIC website.
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