Coming Clean: Massive Data Breaches Prompt New Bill for Mandatory Reporting

The prominent rise of hackers accessing large corporate data sources has created a completely different landscape for the data security industry. In response to this, the Federal Government has released an exposure draft of new mandatory data breach notification laws that will form part of the Privacy Amendment (Notification of Serious Data Breaches) Bill 2015.

Earmarked to be implemented in the first half of 2016, these new laws will mandate that any business, corporation or government organisation must report the loss or theft of data that originates with them. This will mean that it is the entity’s responsibility to not only secure their data, but also maintain an increased level of communication with those whose data they have collected. The essential goal of these mandatory reporting legislations is to avoid data breaches and to mitigate and limit the negative impacts when data is lost or stolen. As a data security industry leader, Compu-Stor is watching these developments with avid interest. Transparency and openness across the industry will assist companies such as ours to remain vigilant in the efficient defence against data theft and loss.

The loss or theft of personal information is a risk that faces every single person today. Whether you are a business professional, part of a corporate entity, or even a child, your information is up for grabs in the modern cyber environment. Australia is currently seeing the emergence of these threats with very notable examples of data breaches within the corporate giants, David Jones and Kmart. Both of these famous companies experienced significant hacking incidents in which the details of their customers were stolen. Internationally, we also see crimes that exemplify that anyone’s information can be taken and misused. In Hong Kong, the electronic toy maker VTech lost control of their collected data of millions of consumers, including more than 200,000 children.

The size and notoriety of these breached companies adds to the general surprise that their data could be in any way unsecured. The common perception is that large companies will always employ the most effective data security measures. The issue is that large targets are a tantalising challenge for cyber criminals that are constantly devising new ways to attack security measures. At Compu-Stor, we are focused on combatting such threats in order to secure our business partners’ data and sensitive information.

By collecting the sensitive information of their customers, every organisation needs a trusted security partner that can guarantee their data will maintain its confidentiality. Compu-Stor provides the highest level of assurance by employing the world’s leading technologies and systems for data storage and security. Outsourced data security, provided by Compu-Stor in our state-of-the-art facilities, is the leading systematic method of ensuring that your consumer’s information stays exactly where it is intended – under your secure control.

Privacy activists have been calling for these legislative updates for many years in order to effectively track the threat to personal data and identity theft that is becoming more widespread. Although there is some scepticism in the industry as to the time frames for effective implementation of these laws, there is a resounding welcome for any increase in data protection for consumers.

Contact us today to discuss how Compu-Stor can ensure your organisation can uphold your consumer’s right to be protected by cyber data theft in line with these new legislative requirements.