New Data Breach Laws To Combat the Rise In Cybercrime
According to Norton’s Cyber Security Report, nearly a billion people from 20 countries were victims of cybercrime last year. These include debit or credit card fraud, online scams, click baits, and your usual virus and other security threats. In Australia alone, government data revealed that 24,000 attacks were recorded in the first quarter of 2017. As a response to cybercrime-related activities, the Australian Government recently rolled out reforms to the Privacy Act of 1988, which include the new Data Breach Laws.
Cybercrime in Australian Businesses and Organisations
Organisations, enterprises, and consumers are the most vulnerable to cybercrime attacks and threats in the country. As a matter of fact, the Insurance Council of Australia estimates that the country is losing billions of dollars each year due to these online breaches. The country’s strong economy and high adoption of technology make small- to medium-sized enterprises as ideal victims of cyber criminals, who are mostly from Eastern Europe and Russia.
Website hacking is one of the ways on how cyber criminals gain access to personal details of consumers. Dan Tehan of Australian Cyber Security Centre cited as an example a private sector that was breached by hackers. His team’s analysis showed that the attackers hit the company’s network and “stole a significant amount data.”
Aside from website hacking, cyber criminals are using sophisticated and discrete attacks, which are more intricate than last year. More often than not, these attacks involve the use of social engineering, ransomware, and credential-harvesting. An example would be the WannaCry incident, which forced to close factories and hospitals because of the ransomware.
Australia Fights Back
New data breach laws have been implemented in response to cyber attacks in Europe and Australia. The Notifiable Data Breaches (NDB) scheme compels Australian agencies and organisations to now alert individuals within 30 days whose personal details are compromised and likely to result in serious harm due to the breach. According to the new Data Breach Laws ammendment, the notice must include suggestions on how the consumer can counter the said breach. In addition, the Australian Information Commissioner is also required to be notified in case of eligible data breaches and this can be done through an online form, the Notifiable Data Breach statement.
The new Data Breach Laws applies to:
“Any agency or organisation already subject to the Privacy Act (known as an APP entity). This includes Australian Government agencies, businesses and not-for-profit organisations with an annual turnover of at least $3 million or more.”
There are a few notable inclusions to this for UNDER $3 million including: …”credit reporting bodies, health service providers, and TFN recipients, among others.”
Before the passage of the new data breaches laws, data notification of online breaches is upon the discretion of the business or the organisation. However, with the rise of cybercrime in Australia, companies are now expected to follow strict privacy compliance, and to be more circumspect when it comes to data management and breach reporting protocols.
The World Takes Action Against Cybercrime
The rapid adoption of the world to new and emerging technologies means that more and more digital data are being generated. In order to safeguard these information against malicious online threats, data protection rules and protocols in the world are subjected to massive reforms.
Starting May 25, 2018, the European Union will adhere to a new framework for data protection. The General Data Protection Regulation (GDPR) obliges companies to be more accountable in managing the data of its customers/consumers. This would mean stricter data protection policies and thorough documentation on how a business processes its customer’s data.
How You Can Protect Your Business Right Now?
One way on how you can protect your business from cybercrime is by having a website that has an SSL certificate. Secure Socket Layer, or SSL, is an encryption technology that safely links your user’s web browser and your web server. It’s pretty much having another layer of security protection in your online interface. Not only that it serves as a “trust seal” to your users, but it can also increase your Google ranking.
Another means of averting harmful online attacks is web hosting and website maintenance. With the rapid increase in website hacking, phishing, and spamming, it is a must that you maintain your website and keep its security software up to date. We offer an array of website maintenance packages, which includes monthly core software updates, security and other plugin updates, backups of your site, customer support and more. Secure your website and your data today! Contact us at 1300 158 708 or click here for more information on our website maintenance agreements.