Why You Should Care About Data Breaches

Since the Notifiable Data Breaches scheme was introduced on February 22nd, data security has been a hot topic on many a business owner’s mind. Under the scheme, a serious breach of information can not only damage your business’ reputation but can also result in a whopping $1.8 million fine for corporations or a $360,000 fine for individuals. So when it was discovered that one of Australia’s leading banks lost nearly 19 million personal account details in an undisclosed data breach, we thought we’d take a look at what happened and what we would recommend be done to prevent it happening again.

 

What happened? 

According to the scheme, a data breach occurs when personally identifiable information is accessed, downloaded or viewed by an unauthorised person. This information includes things like financial data, stolen credit card details and confidential health records. If the data lost is deemed to cause serious harm – in the form of identity theft, financial loss or the endangering of physical safety, amongst others – the organisation in charge of the data is legally required to notify both the Office of the Australian Information Commissioner (OAIC) and all affected individuals within 30 days.  

In the incident involving the leading bank, sensitive personal information – which included customer names, addresses, account numbers and transaction details – was lost after it was discovered that the historical backup records containing the information had gone missing. An internal investigation was immediately commissioned and the OAIC was informed at the time, but both the bank and the OAIC were criticised for failing to notify customers of the potential data breach.  

What would Essential Tech recommend be done? 

While the situation with the leading bank was quite unique, Essential Tech recommends the following steps to prevent your business from being involved with a data breach. When it comes to making sure that both your and your customers’ data is secure, prevention is key. The first step in securing your information is requesting a security audit as a preventative measure to stop any data breaches from occurring. A security audit includes analysing how and why your company collects personal information, how you are storing that personal information, creating a plan to address privacy breaches and ensuring all staff are briefed on data breach prevention strategies.  

Data protection strategies can also include ensuring your firewall and anti-virus are up to date, being vigilant against email spam and making sure you are protecting sensitive information, files and folders with encryption. If you’re not sure whether your business falls under the Notifiable Data Breaches scheme, make sure you click here for a full run-down.  

Okay, so you really don’t want to end up with a data breach on your hands. Don’t worry, Essential Tech can help. We are a Brisbane-based IT Security Consultancy that offers the expertise to ensure your clients’ data is secure and you can operate with complete piece-of-mind.  

A serious data breach is not only bad for business, as it may result in a loss of reputation amongst clients and potential investors, but can also cost you money. With over 50% of Australian small businesses unaware of how the Notifiable Data Breaches scheme will impact their business operations, ensuring your data is secure has never been more important. But do you want to know the best part? Essential Tech will be there to help every step of the way. All you have to do is click here.

Got Any Questions?

We listen and learn to understand your business challenges, so we can deliver effective solutions that meet your specific business needs. Speak with an expert now!

Request Quote

Why Cybersecurity Should be a Business Priority

  Why Cybersecurity Should be a Business Priority     At its core, cybersecurity is about risk.  How much risk is a... Read more

Does the thought of lost data send chills down your spine?

  Does the thought of lost data send chills down your spine? Every organization has a common fear—loss of data. Data loss due to a... Read more

5 Ways Microsoft 365 E5 Can Help You Secure Your Business

  5 Ways Microsoft 365 E5 Can Help You Secure Your Business     You know about the importance of staying connected, especially... Read more

Why You Need to Move Your Business to the Cloud

  Why You Need to Move Your Business to the Cloud Managing your business with cloud services is no longer an option…it has become a... Read more

What You Need to Consider When Transitioning To Working Remotely

  What You Need to Consider When Transitioning To Working Remotely  The implementation of measures recommended by the Australian... Read more

The Art of Asking the Right Questions Can Save You Money on IT

  The Art of Asking the Right Questions Can Save You Money on IT All small businesses face the same battle—cutting costs. It’s smart to... Read more

Social Engineering: Attacking the Weakest Link

  Social Engineering: Attacking the Weakest Link     What is Social Engineering and Why It’s So Effective? Social engineering is... Read more

5 Steps to Take After a Data Breach

  5 Steps to Take After a Data Breach There’s nothing more serious for a business than to deal with a data breach. The effects of an... Read more

5 Steps To Make Changing IT Provider As Smooth As Possible

  5 Steps To Make Changing IT Provider As Smooth As Possible It’s official: your current IT provider is not quite meeting the goals you’d... Read more

Mandatory Data Breach Notification Australia. What You Must Know.

Mandatory Data Breach Notification Australia. What You Must Know. In 2018, mandatory laws commence in Australia regarding... Read more

8 Reasons to Choose a Managed IT Service Provider

  8 Reasons to Choose a Managed IT Service Provider Managed IT services allow you to focus on growing your business, without the worries... Read more

Take Control of Unpredictable IT Bills. Calibre Real Estate Case Study

Take Control of Unpredictable IT Bills. Calibre Real Estate Case Study Unpredictable IT bills are a challenge for... Read more

IT Security Tips for Remote Workforce

  IT Security Tips for Remote Workforce Across the globe, millions of employees are being advised to work from home in response to the... Read more

Are you Prepared for Rapid Business Growth? CUSP Case Study

Are you Prepared for Rapid Business Growth? CUSP Case Study Would your IT be capable of adapting to rapid business growth?... Read more

The Nine Steps of Every Successful Cloud Journey

  The Nine Steps of Every Successful Cloud Journey As business grows, your IT infrastructure must evolve to handle your increased... Read more

Is Slow Internet Holding You Back? Kids Matters Case Study

  Is Slow Internet Holding You Back? Kids Matters Case Study Slow internet speed and limited connectivity between your business locations... Read more

A CIO’s Guide to IT Security

  A CIO’s Guide to IT Security IT security is a growing concern for many small businesses, even those who may not consider themselves a... Read more

Top Tips for Protecting your Client’s Data

  Top Tips for Protecting your Client's Data With the Notifiable Data Breaches Scheme commencing on February 22nd, 2018, businesses across Australia... Read more

Top Tips to Protect your Business Data

  Top Tips to Protect your Business Data   The most critical issue facing businesses is cyber attacks and threats. Whether it comes... Read more

All You Need To Know On Information Security In The Digital Age

  All You Need to Know on Information Security in the Digital Age     Enterprises are fast-growing in data sharing... Read more