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Safeguarding Your Business Data in Preparation for New MDBN Legislation

How safe is your critical business data?

With a range of high-profile security breaches taking place over the last few years, businesses have been encouraged to start implementing increased security measures to ensure any private or sensitive data remains as such.

With a range of high-profile security breaches taking place over the last few years, businesses have been encouraged to start implementing increased security measures to ensure any private or sensitive data remains as such. With upwards of one hundred data breach notifications submitted to the OAIC between 2015-2016, and countless others believed to have gone undetected, the Australian Government have now made a big move towards protecting the individuals whose data is at risk. We all remember the colossal blunder made by international ride-sharing giant Uber late last year, which exposed the personal data of around 57 million users. To ensure all businesses are taking appropriate steps to safeguard personal information and prevent such a large-scale breach occurring again in Australia, we are now introduced to the Mandatory Data Breach Notification.

What is the Mandatory Data Breach Notification?

The Mandatory Data Breach Notification is newly instated legislation relating to how businesses manage private or sensitive data.  Essentially, the bill requires any business or organisation covered by the Australian Privacy Act to notify affected individuals of breaches to personal information that have the potential to cause serious harm. This could include things as seemingly-trivial as a stolen USB or mobile phone that holds personal customer data, a database containing personal information is hacked or a personal email is sent to the wrong person. If the breach could lead to the serious harm of a client, a data breach notification may be issued.
Under the Notifiable Data Breach Scheme, any infringements to the Privacy Act must also be conveyed to the Office of the Australian Information Commissioner, who will consider the evidence in order to determine if further action is required.
Although some businesses may be exempt from this new legislation, the OAIC is advising all businesses to conduct an internal audit of their informational security structures and to strengthen preventative action where required.

What Does MDBN Mean for Affected Businesses?

Prior to February 22nd this year, businesses were not required to notify individuals of leaks to their personal data. This meant that the public could never be certain that their information remained securely in the hands of any given company. For this reason, the Mandatory Data Breach Notification was enforced to prompt businesses to tighten security measures and ensure that any information within their care is safeguarded appropriately. As businesses face heightened public scrutiny when information is compromised, it is intended that this new legislation will encourage more thoughtful security processes across the board and facilitate appropriate rectification for those who are adversely affected.Find out more about the Notifiable Data Breach Scheme here.

A New Method for Information Security

As businesses move away from paper-based documents and archives, we are now faced with a new concern for confidentiality. With a multitude of personal data breaking through the confines of traditional business parameters, the potential for malicious attempts at accessing your data has grown and transformed exponentially. Although data mobility has allowed us to meet the needs of a changing business climate, they have also opened up a range of new access points for thieves and hackers to infiltrate your information. For this reason, businesses are forced to explore different ways of safeguarding their data with one of the key techniques being data encryption.

What is data encryption?

Data encryption allows you to transform a piece of text or data into a new form so that others are unable to decipher its content without a ‘key’. Utilising complex algorithms, encryption converts normal text into a seemingly random code that is unreadable to unintended recipients. To decrypt this code, both you and the recipient will have an encryption key which is basically a sequence of bits that can decode the text. Although encryption is not completely impenetrable, complex or sophisticated algorithms are extremely difficult to break and thus provide a strong deterrent for those wishing to illegitimately access your information.

What you should encrypt:

For businesses to ensure they’re complying with the Mandatory Data Breach Notification, there are two key types of data that should be encrypted:

Personally Identifiable Information

Any information that could be used to identify an individual has the potential to lead to identity theft or credit fraud and therefore needs to be encrypted. As a breach to personally identifiable information also means you could be in violation of the MDBN, protecting this data is absolutely vital to ensuring transparent business operations – something that has the potential to shape your business reputation and credibility.

Confidential Business & Intellectual Property

What would happen if your competitors got their hands on your confidential information? Safeguarding your business plans, client databases and other confidential business information means more than compliance with the MDBN but also the security of your company secrets. As digital data is often the most valuable business asset, ensuring its protection is something every company should be prioritising.

Cloud back up services & encryption with Arinda IT

If private information and data are essential to the success and operation of your business, let Arinda IT help by creating a comprehensive Cloud Backup and Data Recovery solution just for you.

With military-grade encryption, reliable servers in secure data centres, friendly IT support staff and a competitive rate to suit your budget and needs, safeguarding your important business information is simpler and less painful than ever.

For more information about securing your important business data for compliance with the MDBN, have a chat with the experts at Arinda IT today on 1300 882 780 or online via this link.

 



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