Latest statistics show more business are suffering notifiable breaches. In July the Office of the Australian Information Commissioner (“OAIC”) published the most recent quarterly statistical information about notifications received under the Notifiable Data Breaches (“NDB”) Scheme.
Introduction of the NDBS means that qualifying organisations may be obliged to notify data breaches to the OAIC.
Non-compliance penalties can apply, with penalties of up to $1.8 million for companies and $360,000 of individuals.
The latest figures show a dramatic increase in malicious or criminal attacks. Here is the summary of the March – June Notifiable Data Breach Scheme statistics.
The need for expert assistance and cool heads is increased when placed upon the backdrop of a data breach that has interrupted your business.
For small businesses with limited internal expert legal resources, determining if notification is required, and complying with the accompanying regulatory obligations and process is a daunting experience.
IT issues need to be resolved as quickly as possible to get the business back up and running, but business owners and managers also have to consider issues like preservation of evidence and determining what went wrong all at the same time.
In the age of social media, controlling your businesses’ communication is key. What do you say to your customers, your suppliers or even your staff? Ensuring you do this effectively and a that same time staying on the right side of your legal obligations is something most businesses find they can’t do alone.
There is an affordable and easy way to be prepared and resourced
Fortunately for small businesses there is an easy and affordable way to be prepared and have the resources on standby to deal with a data breach. Cyber Insurance.
Whilst most many business owners are buying cyber insurance to protect them from the financial costs of data breaches like IT costs, loss of profit, fines, penalties and legal expenses, the most valuable part of quality Cyber Insurance is access to 24/7 Emergency assistance.
Edmund customers for example, gain access to our Emergency Response Unit provided by our Emergency and Expert Response partner, KPMG.
The expert teams include a:
- KPMG legal team with specialisation in cyber, privacy and data security. KPMG will provide you with advice in relation to potential legal issues, including the Notifiable Data Breach Scheme;
- KPMG forensic and cyber team with expertise in dealing with cyber breaches and cyber threats. Focus will be on the immediate and critical needs to contain the Cyber Breach or Cyber Threat of Extortion to minimise the impact on your business; and
- KPMG communications and public relations team to help put you back on track.
This emergency assistance means that small business owners have access to the resources of a much larger business, the cost of which is fully included in the Insurance and allows them to navigate a data breach with total confidence and a fraction of the stress.
With Cyber Insurance for most small businesses less than $3,000 per year, it is by far the most cost-effective way for business to plan and resource for an increasingly common risk to their business.
Article provided by Emund Insurance