The federal government will introduce changes to the Privacy laws to stay up to date with the digital era, and these changes will affect small businesses.
Privacy information refers to personal and confidential data that individuals want to keep secure and not disclose to the public or unauthorized parties. This can include details like names, addresses, financial data, and personal preferences.
One significant reform focuses on small businesses earning less than $3 million annually. Currently, they are exempt from the Privacy Act, but the government intends to remove this exemption. As a result, small businesses will be required to safeguard employee and consumer information they possess and notify individuals in case of data breaches.
However, the government plans to conduct an impact analysis review, offer support to small businesses, and establish a transition period before the exemption is lifted. Approximately 2.3 million small businesses in Australia will be affected by this change.
Other proposed amendments aim to give individuals more control over their data, enhance protection for children with a new Children’s Online Privacy Code, impose stricter data security and disposal requirements on organisations, and simplify data handling obligations.
These changes to the Privacy Act are expected to become law in 2024.
If you are interested in finding out more about the proposed changes, or you want to be prepared, contact Tyrone Walker, Head of IP NSW at Hunt & Hunt lawyers.
