Two new data laws have been introduced, set to roll out early this year, which directly effect business owners. You can read about the first one over here if you missed it.
Number two is the Notifiable Data Breach regulations, coming in to effect this February.
What is NDB?
It’s a set of changes to the Privacy laws highlighting that companies need to understand how they store, transmit, secure and use data on their networks. Companies need to notify the appropriate authorities of data breaches within strict time frames of them being discovered. If a company fails to do so, they can face monetary penalties of up to $1.8m and $360,000 for individuals. The law covers who must comply, which data breaches must be notified, how to assess them and how to notify people about breaches correctly.
It applies to all companies in Australia, with some small exemptions made for those turning over less than $3 million.
These laws are stringent and complying with them needs to be a business priority. Is your network secure? Do you know how your data is stored? Would you realise if there’s been a breach? What does a breach even mean? We’ve been working with clients to ensure their systems are ready for when the laws come into place. Don’t risk it- get on top of these regulations if you haven’t done so already!
If you need a hand getting your head around all the changes and how they will impact your business, give us a call.