News & Information
IMPORTANT UPDATE: THE PRIVACY AMENDMENT (NOTIFIABLE DATA BREACHES) BILL 2016
Amendments to the Privacy Act have received Royal assent and will commence in February 2018. What does this mean for your company?
The key change is that companies that have breached a third party’s privacy will be required to notify the Office of the Australian Information Commissioner (OAIC) and the affected party/parties in certain circumstances.
So-called, “Mandatory Breach Reporting” was enacted in a number of foreign jurisdictions some years ago and has led to a significant increase in the relevance of Cyber insurance for corporate entities.
Globally, there have been numerous high-profile cases of data breach leading to substantial costs to companies. An example was the Target US case in which approximately 70 million customers and 40 million credit cards were accessed by hackers.
Hamish Fraser (Partner) and Lisa Vanderwal (Special Counsel) at IT specialist law firm Bird & Bird point out the key aspects of the new disclosure regime are:
- Any breaches must be promptly investigated to determine whether they are eligible breaches (see attached flow charts);
- Eligible breaches must be notified to the OAIC and affected individuals as soon as possible;
- The notification statement must set out the:
- identity and contact details for the entity;
- a description of the eligible data breach;
- the information concerned; and
- recommended steps that individuals should take.
4. If affected individuals can’t be notified, the company must publish the notification on its website and take reasonable steps to publicise the statement, such as through social media, online and printed ads.
Click here to view flow chart in new window Click here to view flow chart in new window
AUSTBROKERS LIFE SOLUTIONS: INTERRISK LAUNCHES REFERRAL SERVICES
InterRISK is excited to announce the launch of Austbrokers Life Solutions. As your insurance broker of choice we have an agreement with Austbrokers Life Pty Ltd and Suncorp to provide referral services in relation to Austbrokers Life Solutions insurance, which has the option to provide Death Cover, Income Protection Cover, Serious Illness Cover and Kids Cover in the one policy.
To learn more or to use the online calculator tool please click here.
InterRISK has developed an app which allows you to make a claims submission from anywhere, keeps you up-to-date with company news, access to our client portal, key staff contact details and more. The InterRISK app is now available for download in the App Store and Google Play . Check out what the app has to offer here.
SIMON GERRANS & INTERRISK
On Tuesday 6th December the InterRISK Melbourne team were delighted to join champion cyclist Simon Gerrans for our inaugural ride day. Simon is a true legend of his sport, a multiple Australian Road Championship winner and Tour de France stage winner. In 2013 Simon earned the prestigious honour of wearing the maillot jaune (Yellow Jersey) during the Tour de France – the pinnacle of world cycling. InterRISK would like to say a very big thanks to Simon for taking time out of his busy training schedule to join us today. The InterRISK team and all our guests had a fantastic time in what was a typically beautiful Melbourne morning.