Today is Data Privacy Day, which presents an ideal time for enterprises to assess their cybersecurity and compliance ahead of a year of big changes when it comes to data privacy.
The digital world is no longer the future, it is the present. Most businesses have an online presence through websites and social media platforms.
This includes online shops and digital databases where consumer information is taken and stored. If this information falls into the wrong hands, it can be devastating for the consumer and business alike.
The year 2020 is going to see some major changes when it comes to data privacy, which all enterprises should be aware of.
That way you can make the appropriate adjustments and changes to ensure you are compliant and your consumer’s data privacy is protected.
The Australian Competition and Consumer Commission’s (ACCC) Digital Platforms Inquiry Final Report is now complete and the Federal Government has issued a response and an implementation roadmap.
While most of the focus around this inquiry has centred around media outlets that publish on digital channels, this is an inquiry that will impact any business that publishes online.
The Federal Government plans to launch a broad review of Australian privacy law as well as an inquiry into adtech services.
In layman’s terms, new legislation is almost certain to be rolled out that will greatly improve the protection of consumer data privacy.
This will mean a total reform of privacy documentation, privacy policies and notices, training and data breach response plans. It will also mean greater penalties for data privacy breaches.
The Privacy Amendment (Notifiable Data Breaches) Bill 2016 rolled out mandatory data breach notifications in Australia.
This means that data privacy breaches need to be reported to the impacted customers/clients as well as the Federal Government, which can be damaging for businesses.
It was designed to be a deterrent for businesses and inspire greater data privacy practices.
This has now spilled into Australian courts, with the first privacy data breach class action lawsuit.
The NSW Health Administration Corporation settled the suit for $250,000 after workers’ compensation files and staff and medical records were compromised.
This sets a precedent that not only can you be fined by the Office of the Australian Information Commissioner (OAIC), you can be further penalised in court as well.