Consumers are concerned about how their valuable data is being used in this new era of connectivity. Parliament has now passed a new Bill for mandatory data breach notification laws.
The bill is an important step to promote consumer data protection, however there are fears in the business community about the unintended consequences and costs of these laws. A business which suffers an eligible data breach must now report the matter to the Privacy Commissioner and any party whose data has been compromised must be notified. Eligible breaches include unauthorised access, disclosure or loss of personal information held by a business which is likely to result in serious harm to the individuals which the data relates to. A business which is not prepared and uninsured for a data breach can face significant financial loss as a result.
For further information please contact Adroit Account Manager, Dave Stott via email: firstname.lastname@example.org