An HP study, released today, has found almost half of Australian small and medium businesses (SMBs) with an annual turnover of $3M+ do not consider themselves to be prepared for the Australia’s new data breach notification laws.
The HP Australia IT Security Study, conducted by ACA research in November 2017, surveyed 528 Australian SMBs with between 10 and 99 employees across the services, production, retail and hospitality, health and education, and distribution industries.
The Privacy Amendment (Notifiable Data Breaches) Act 2017 was passed by both houses of Parliament in February 2017, establishing a Notifiable Data Breaches scheme, which comes into effect on 22 February 2018. The scheme requires organisations covered by the Australian Privacy Act 1988 to inform the Australian Information Commissioner and members of the public if it believes or is aware that its data has been compromised.
The consequences of a data breach can be severe; from financial to brand repuation damage…
“The consequences of a data breach can be severe; from financial to brand and reputation damage,” said Paul Gracey, Director, Printing Systems, HP South Pacific. “Organisations should implement a process to monitor, detect and report data breaches, but prevention – and reducing the frequency and severity of breaches – is equally important.”
With 63% of respondents stating their employees work remotely on a regular basis, and the same percentage allowing employees to access company data from personal devices, Australian SMBs are becoming increasingly concerned about the risks associated with the lack of control over these devices.
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