Notifiable Data Breach Scheme: How is your business affected?

Many people have no knowledge of what NDB (Notifiable Data Breach) scheme is, but if you run a business then you must be aware of its effect when it comes into impact on February 22, 2018.

Notifiable Data Breach (NDB) is when personal information held by an organization is lost or subjected to unauthorized access or disclosure. It will likely result harm to an individual to whom the information relates to. The Notifiable Data Breach scheme will reinforce the protections afforded to every individual’s personal information and will minimize the damage that can result to unauthorized use of personal information.

The NDB scheme entails organizations covered by Privacy Act 1988 to notify people likely to be harmed by a serious data breach and Australian Information Commissioner must be notified.

The NDB scheme will apply to all businesses with annual revenue of more than $3million in any financial year starting 2001. For small businesses the gross revenue of less than $3 million a year is exempted. Is your small business covered by the Privacy Act?

Storing private and confidential information about customers and clients requires you to prepare for NDB scheme. Preparation to NDB scheme is tied with your companies cyber security strategy. Businesses may it be SME’s or big corporations must understand the importance of cyber security not only as an IT risk but a business risk. It is most likely that businesses again, may it be big or small, will be assaulted at some point and it is best that a company is ready to respond when incident occurs. With the beginning of the scheme, only two months away, now is the ideal opportunity to start constructing a plan of how you can protect your company of possible security threats.

Read more about the NDB scheme, visit OAIC website.

Be ready at this point! Need help in understanding and preparing for NDB scheme? Consult our group at Motionwave Technologies.

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