Insights

CSI is proud to a part of the great IAA network who’ve recently been awarded Network of the year by ANZIIF. Being a part of this team allows us to do what we do best - look after our clients with access to the best services, resources and markets available.

What is changing?

Effective from 22nd February 2018 amendments to Federal Privacy Act legislation will see mandatory data breach notification laws introduced to Australia for the first time. This will be known as the Notifiable Data Breaches Scheme (NDB) and will impact all organisations covered by the Australian Privacy Act 1988.

What is the impact?

The NDB scheme requires organisations as outlined above, to notify any individuals likely to be at risk of serious harm by a data breach.

A breach occurs when personal information held by an organisation is lost or subjected to unauthorised access or disclosure.

For example:

✓ A device containing your customers personal information is lost or stolen

✓ A database containing personal information is hacked

✓ Personal information is mistakenly provided to the wrong person.

Ways to protect your business

✓ Assess and manage potential risk exposure to Data Management and potential privacy breaches

✓ Establish data breach response plan

✓ At a minimum, seek protection by implementing Cyber Risk Cover to mitigate your exposure to both first and third party costs in dealing with a cyber-attack and/or data breach issue.

If your business suffers a cyber incident It’s important to act quickly to contain the threat and limit potential damage. All Cyber policies are not created equally, some provide emergency incident response teams, some don’t.

Contact CSI today for a review of your risk exposures and incident response plan. It could make all the difference.