Are you protected?
It has now been over a year since the amendments to the Privacy Act were introduced, requiring companies to voluntarily notify any breaches to the Office of the Australian Information Commissioner (OAIC).
In a swift follow-up from this at the end of March, Attorney-General, The Hon Christian Porter MP, announced the government’s intention to introduce even tougher penalties, as follows:
- Penalties increased from $2.1m to $10m for serious or repeated breaches.
- Providing the OAIC with the infringement notice powers, up to $63,000 for body corporates and $12,600 for individuals who fail to cooperate.
- Introduce requirements for breaches to be addressed by third party audits, to ensure those directly affected are advised.
- Require social media and online platforms to stop using or disclosing an individual’s personal information upon request.
- Introductions of specific rules to protect the personal information of children and other vulnerable groups.
The Privacy Act amendments have forced Company Directors to become more digitally literate and cyber aware, however with the ever-changing nature of cyber risks, it is becoming increasingly difficult for Directors to keep up.
With these changes it is now more important than ever that every company manage their cyber risk through a robust insurance program, designed to protect not only your company’s balance sheet from significant first and third-party losses and fines, but also from the reputational damage that can be caused.
Honan Insurance Group Pty Ltd (Honan) holds an Australian Financial Services License 246749. Honan is not an insurance company, rather an insurance broker acting on behalf of our client. Where we act under a binder (as the insurer’s agent) we will notify you. This article contains general information only and is not advice. Before considering an insurance product you must read the Honan Financial Services Guide and relevant Product Disclosure Statement.