As part of K&L Gates' Business Bytes video series, Cameron Abbott, discusses the new data breach notification laws.
TranscriptBusinesses need to know that on 22nd February, the mandatory data breach reporting regime came into effect.
If you have a data breach and it might have a serious impact on the individuals affected, that is enough to require you to report that to all the individuals and to self-report to the regulator; AUD2.1 million fine for corporations if they don’t. But more concerning I think is the brand impact of having to confess to your entire customer base and no one is very keen on confessing to the regulator who then is empowered to take enforcement proceedings under privacy laws for the breach in the first place.