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The Privacy Act amendments will take effect on 22 February 2018, otherwise known as Australia’s Mandatory Breach Notification Law. This means you’ll need to report any ‘eligible data breach’ to the Office of the Australian Information Commissioner (OAIC). Failure to comply with the new legislation could result in a fine as much as $1.8 million for an organisation, or individually a fine of up to $360,000.
Breaches of privacy from a cyber event can add enormous expense to a business. Make sure you speak to one of our brokers today on 1300 799 422 to learn how Cyber Insurance can help protect your business.
Who does it apply to?
This new law will apply to all Australian Privacy Principal entities as defined by the Privacy Act 1988:
What is a data breach?
What are you required to do if you have a data breach?
What steps do you need to take to prepare yourself for the changes in law?
What current security processes do you have in place?
For more information in respect to these changes, visit the OAIC website.
Call us for information on our Cyber Insurance on 1300 799 422.