Changes to Privacy Amendment (Notifiable Data Breaches) Act 2017 went into effect on February 23, 2018.
These changes require all Australian businesses to notify the Office of the Australian Information Commissioner (OAIC) and any impacted clients about significant data breaches.
These changes impact:
- Australian Government Agencies
- Businesses or not-for-profit organisations with an annual turnover of $3 million or more
- Credit reporting bodies
- Health service providers
- TFN recipients (someone holding a Tax File Number in your systems)
Failure to adhere to these changes may lead to companies incurring fines of $360,000 for individuals and $1.8 million for organisations.
If you would like to learn more about the NDB scheme or discuss how your organisation can be prepared, please call us on (08) 9242 1000.