So today we are going to discuss,
Loan Agreements for All Circumstances
Now before we get started, we firmly believe that the only way to appreciate and really understand new information is to review it a few times and discuss it with friends, family, work colleagues, basically anyone whose opinion you really trust.
Now you may or may not be aware there have been quite a number of changes to the Privacy Act Legislation over the past couple of years. To be honest there are far too much to go into in detail in one information video like this, especially if we were starting with the Australian Privacy Principles which were introduced in 2014.
The moment your business decides to handle any personal information, including the personal information of your clients, is when your business needs to demonstrate that they are clearly abiding within the Australian Privacy Principles as outlined in Schedule 1 of the Privacy Act 1988 (Privacy Act).
This is especially important if your business accepts Credit Cards or other forms of payment.
Not forgetting that if you are an employer who retains data on your employees such as their Tax File Number, for whatever reason, it is pivotal that you demonstrate your compliance with the Privacy Act. All it takes for a disgruntled employee to make a phone call, and you could be in a world of hurt.
Now getting back to the latest Amendment to the Privacy Act being The Notifiable Data Breach legislation, which as I said earlier came into effect in February 2018 and is the change in legislation that very few businesses are aware of.
The Notifiable Data Breach legislation essentially outlines now and why all businesses now need to notify the Office of the Australian Information Commissioner if their business suffers any sort of data breach. The most obvious of course is having their computer systems hacked, but it also includes having any sort of data misplaced or solen data, which would include laptops, smartphones etc.
Given that most of you are only hearing about Notifiable Data Breaches for the first time lets go and make sure it’s real by going to the Office of the Information Commissioner to see examples of a data breach.
Examples of data breaches include:
In my personal opinion the second one here is probably the biggest potential liability for most businesses, a disgruntled employee can do a lot of damage to your business, especially if your response is, data breach, what data breach, but that’s just me.
Now, if your business is subject to a data breach, there is a specific process your business needs to follow, which will of course depend on how severe your particular Data Breach is.
There is a link in the above image, but I have to tell you, the fines are horrendous. The fine for an individual which could be made up of several offences, is $420 000. The fine for a company could be as high as $2 100 000. And that is just for Notifiable Data Breaches, let alone other breaches to the Privacy Act.
But for the record the fines can be hugh.
In fact 2018 saw an 8-fold increase in Reportable Data Breaches which resulted in 22% of those businesses having to shut their doors.
So where do you go from here,
Well, I understand you might have a couple of questions, for that matter you probably have heaps of questions. So what I’m going to ask you to do is to click the below link called Request a Chat, fill in any additional information and will give you a call asap.
There is absolutely No Obligation,
However there is just one more thing I am going to ask you to do, and that is to share this video on your various social Media Platforms. By making more individuals and businesses aware of the changes to the Privacy Legislation we can start changing the way businesses operate, which is only going to work out better for everyone.