MAY 2014 | HIRE
AND
RENTAL
NEWS
| 21
INDUSTRY IN FOCUS
ByMelissaMontang, OAMPs insurancebrokers
Australian companies and individuals areunder threat from
security andprivacy breaches every day. Cyber-crime, or computer
crime, includes thedistributionof viruses, illegally downloading
files and stealing sensitive information.Many businesses don’t think
they’reat riskof ‘cyber-crime’ but the fact is if youusea computer or
internet for any elements of doingbusiness, then youhave cyber-risk.
With recent changes toAustralianprivacy legislation andnews
coverageof the staggering costs of cyber-security breaches, it’sworth
taking the time tounderstand informationprotection, data security
andprivacy.
Why this topic shouldbe front ofmind for Australianbusinesses
Many people think thiswon’t happen to their business, or they’ve
got security and virus protection. According toDell Software’s latest
cyber security survey figures,more thanone in twoAustralian
businesses have experienced a cyber-security breach in thepast year,
at anaverage cost of almost $600,000.Many times abreach canbe
causedby something as simple as leavinga smart phoneor iPadon
public transport!
Changes toprivacy legislation
The PrivacyAmendment (EnhancingPrivacy Protection) Act 2012
amends Australia’s existingprivacy lawand introduced theAustralian
Privacy - Principles (APPs) on12March 2014. The 13APPs simplify the
existingprivacy regulationand introduce significant newobligations
around theuse anddisclosureof personal information for direct
marketing and cross-border disclosureof personal information.
Inaddition, therearenew credit reporting rules andnew laws
governing codes of practice for informationprivacy and credit
reporting.
The Privacy Commissionerwill alsoexercisenewpowers including
the ability to:
• Accept enforceableundertakings
• Seek civil penalties in the caseof serious or repeatedbreaches of
privacy
• Conduct assessments of privacy performance for government
agencies andbusinesses.
These changes aregiven furtherweight by the introductionof a
new civil penalties regime (including fines of up to$1.7million).
The roleof insurance in your information riskmanagement plan
BenGair, OAMPs’ AccountManager, said: “The important thing to
note, andwhat a lot of businessesmay not be awareof, is traditional
insurancepolicies oftenwon’t cover costs associatedwith security
andprivacy breaches, leavingbusinesses vulnerable.”
AData Security and Privacy Protectionpolicy can cover your
company for both your first party liability expenses (ie: business
interruption, lost revenue, breachnotification costs and investigation
costs) aswell as thirdparty liability expenses such as legal expenses
anddamages.
“Basedonour industry experience,more than 80%of Australian
businesses donot have cyber insurance in their insuranceprograms –
andbusiness owners and leaders donot understand the seriousness
and likelihoodof adatabreach impacting their business.
“WorkwithOAMPs andour partners to ensure youhave experts
on your side that canproactively provideadvice and solutions to
position you to financially survive a cyber-crimeevent.”
OAMPs has been looking after insurance for thehireand rental
industry formore than 20 years. Contact 1800 240 432or visit:
HR
Is your information
protected?
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