Privacy and Data Security is very important these days, and it is not just about passwords. Collecting, storing and processing customer data will be one of the main pillars of safety and security into the future.
In an Internet of Things world, privacy and data security are major concerns, and vendors who cannot guarantee that their customers’ data are safe may easily disappear.
Australia’s new mandatory data breach reporting laws came into effect on 22 February 2018 and are applicable to any agency or organisation already subject to the Privacy Act.
A business that fails to report an eligible breach faces penalties of up to $360,000 for individuals and $1.8 million for organisations.
Ensuring that every vendor you deal with has a track record of compliance is vital to the security of your data and the integrity of that vendor’s system in your business. Could your business function if any of your vendors were to disappear due to non-compliance?