01 Aug Business failing the cyber security test

The Notifiable Data Breach Scheme was introduced in February this year to assist in reducing the amount of data breaches occurring and to generate responsibility towards organisations reporting breaches. This has not been the case, however with there being an average of 1.5 data breaches a day, according to the first quarter report released by the OIAC. One major element that seems to be lacking when it comes to preventing data breaches is the cyber security of a business.

Our COO Murray Goldschmidt was interviewed by the ABC on the importance of cyber security when it comes to preventing data breaches. He stated that businesses are not taking the collection and storing of data seriously enough. Most businesses are reactive when it comes to breaches. They wait until till there is a financial implication associated with a breach to do something. They need to be more proactive about their cyber security in order to prevent a breach happening in the first place.

It is not enough to just notify when a breach occurs, there needs to be financial penalties when there has been a breach. At the moment the only financial penalties are associated to not reporting. Hackers are not interested in the type of data they take, they are only interested in how much money they will make after they sell it to the highest bidder.

Businesses need to do more to protect your personal data and that begins with a stronger focus on cyber security. Otherwise, cyber users beware.

The full interview and segment can be found here:

Business failing the cyber security test