Cybersecurity and the new privacy laws

New privacy laws have now come into place, introducing mandatory data breach notifications to inform when a data breach has occurred.

With financial penalties for not adhering to the legislation a maximum of $1.7 million for corporates and $300,000 for Directors, understanding your data, potential areas of risk, and having a plan in place is crucial to the financial status and reputation of all businesses that are required to adhere to these regulations.

Given the global increase in cybersecurity events and the catastrophic harm such a breach can potentially cause your brand along with the associated revenue damage, this legislative change is a timely reminder to review your information security policies, understand how you interact with data and assess the risk to your business and your customers.