CYBER Attack and Privacy Breach – Still think it doesn’t affect you?

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Last month we published the first in a series of articles focussed on cyber attacks, privacy breaches, the possible impact on organisations and what you can do to protect yourself.

There has been significant public and media attention as a result of recent high profile data breaches such as those impacting LinkedIn, Adobe, Optus, Kmart, Yahoo and Ashley Madison. These are large organisations which can lead to the belief amongst SME’s that are simply ‘aren’t a target ‘. However, the facts show that no organisation is too small to be targeted, with 60% of all attacks aimed at SME’s. In fact many attacks are automated to capture anyone they can.

Last month we outlined some steps to mitigate the risks of an attack. Despite taking these steps, as evidenced by recent attacks on large organisations, a cyber breach is still a significant exposure to any organisation, large or small. We would strongly encourage business owners to take up a Cyber Liability Policy which is an extremely cost effective method of transferring the risk to an insurer and having immediate access to professional support following a breach.

There are three really good reasons to both mitigate the risks and insure against them. Firstly, to ensure you are protected against the direct and third-party costs of and breach. Secondly to have immediate access to professional breach support via your insurer. Thirdly, the ‘Privacy Amendment (Notifiable Data Breaches) Bill 2016’ was passed in the Australian Parliament on the 13th of February 2017. The bill amends the ‘Privacy Act 1988’ to introduce a mandatory data breach notification regime. The notification regime is a significant change to the data breach notification obligations of organisations holding personal information. The bill is likely to commence 12 months after it receives Royal Assent, which is expected soon.

This is no longer an emerging risk for organisations; it is real and significant both in terms of reputation, costs and legislative requirements. Next month we will detail the extent of insurance cover available along with some real life examples of SME breaches. We will follow this with an article on the Privacy Amendment Bill and how it impacts organisations.

In the interim if you want to find out more, contact Nathan Corrigan at Insurance House, (02) 8913 9137 or nathan.corrigan@ihgroup.com.au.

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Raea Khan Circle
Director Lawyer
Raea Khan

Raea is Managing Director and Principal Lawyer for PBl Law Group. Raea assists clients with major projects, property developments, construction and strata law.

He has worked in Western Australia and Queensland assisting with expansion projects in the energy and resource sector and now predominately advises clients in Strata and Community Association matters.

He is a member of the Australian College of Strata Lawyers where majority of his work is advising developers and owners corporations with dispute related minor and major defects, strata governance and common property litigation. He is proficient at leading negotiations and meetings.

Raea has a particular interest in the commercial aspect of any dispute and always tries to weigh up the risk, reward and benefit of legal proceedings at each different stage.

Raea enjoys all forms of competitive sport, including Crossfit and actively participates in Triathlons, representing Australia as an age group athlete. He was a member of Red Head Surf Lifesaving club.

  • Strata Law
  • Construction & Major Projects
  • Commercial and Business Law
  • Planning & Environment Law