Data privacy has become a frequent topic in the news, with recent reports highlighting data breaches across some of Australia’s largest and well-known companies.
As a business owner, you may be curious about the implications of Privacy laws on your operations. Towards the end of last year, new legislation was passed to safeguard personal information further, and imposed significant penalties for non-compliance. Companies could now face fines of up to $50 million, while individuals may be subjected to penalties of $2.5 million.
Privacy laws compel businesses to adopt compliance measures in the handling of personal information that is collected. Personal information generally refers to any information or opinion about an identified or reasonably identifiable individual. It includes but is not limited to client, employee, and supplier names, attendance registers, email addresses, telephone numbers, financial information, health, and medical information, etc. Handling and managing personal information is almost unavoidable.
The Privacy Act mandates compliance with its regulations for individuals, companies, sole traders, partnerships, and trusts with an annual turnover exceeding $3 million. However, it’s important to note that certain small business operators may also be required to adhere to these laws based on their specific product or service offerings. Examples of small business operators captured by the Privacy legislation include childcare centres, medical practitioners, gyms, hospitals, private tertiary education institutions, schools, weight loss clinics, and businesses that hold contracts with the Australian Government.
A recent Data Breaches Report revealed that there were, in fact, 890 Notifiable Data Breaches last year, impacting millions of Australians. If your business currently lacks a privacy policy or a data breach plan to manage personal information, we strongly urge you to contact our offices before a data breach occurs. Our dedicated team can provide the necessary assistance in establishing these crucial frameworks.
Written by Tyrone Walker and Georgette Georges
