- 63% of confirmed data breaches involved leveraging weak, stolen or default passwords and usernames
- 22% of small businesses breached by ransomware attacks in 2017 were so badly affected they could not continue operating
- 41% of people surveyed globally could not identify a phishing email: 30% of phishing email were opened and 12% clicked on infected links or attachments.
From 22 February 2018, the Notifiable Data Breaches (NDB) Scheme has been added to the Privacy Act 1998. This makes it compulsory for certain organisations to report data breaches to both the Office of the Australian Information Commissioner (OAIC) and the people affected.
The scheme requires notification of unauthorised access to, disclosure of, or loss of information likely to result in serious harm. Failure to act and report a breach could see fines and penalties of up to $360,000 for individuals and $1,800,000 for organisations.
A Cyber Insurance Policy can’t stop a cyber attack. It is designed to protect a business by providing financial support and incident response expertise to help recover from adverse events, including ransomware attacks, point-of-sale intrusions, denial-of-service attacks and cyber espionage.
Contact your NQIB Broker or our office to learn more.
For more information on the NDB scheme please refer to: https://www.oaic.gov.au/privacy-law/privacy-act/notifiable-data-breaches-scheme