A month after the introduction of the Notifiable Data Breach Scheme, IBM have released a study they sponsored that investigates the cost of data breaches across a range of different companies. Some important findings were made that give some insight into how much data breaches cost companies, as well as how these costs can be reduced.
It has been a month since the Notifiable Data Breach Scheme came into effect on 22 February 2018 and at least one major data breach has occurred in Australia since the scheme began.
Is your business affected by this new legislation?
On the 22nd of February 2018, the notifiable data breach scheme became effective. Companies are now obligated to notify the government of data breaches that are likely to result in serious harm to any individuals whose personal information was breached.