Are you prepared for the new Data Breach Notification Laws?

On February 22, 2018 the new Data Breach Notification Laws came into effect.

Many Australian organisations are now legally required to notify affected individuals, and the Australian Information Commissioner, of any eligible data breach affecting personal information.

Does this affect your business?

This new legislation applies to any organisation currently subject to responsibilities under the Privacy Act, which essentially includes businesses and not-for-profit organisations with an annual turnover of $3 million or more, and a number of other identified organisations specified in the Act, such as health providers, credit reporting bodies, employee associations and service providers under a Commonwealth contract) and any entity that receives an individual’s tax file number (TFN).

What is an eligible data breach?

An eligible data breach arises when the following three criteria are satisfied:

1. there is unauthorised access to or unauthorised disclosure of personal information, or a loss of personal information, that an entity holds (soft or hard copy documents)
2. this is likely to result in serious harm to one or more individuals and
3. the entity has not been able to prevent the likely risk of serious harm with remedial action

What constitutes Personal Information?

Personal information includes names, signatures, address, telephone number, date of birth, medical records, bank account details, credit information… or any other personal information about an identified, or reasonably identifiable person.

What Do You Do If an Eligible Data Breach Occurs?

If you’re an affected organisation who suspects an eligible data breach has occurred, you have 30 days to assess the breach and determine whether notification is required.

Failure to comply with the mandatory notification regulation is viewed as “interference with privacy of an individual”, and is punishable by forced notification, public apologies, compensation payments and fines up to $360,000 for individuals and $1.8 million for organisations.

Prevention is the best medicine

All business owners, not just those deemed to be affected organisations would be wise to consider what steps they can take to prevent any potential data breaches, this may include:

• Ensuring adequate security measures are in place.
• Preparing a data breach response plan
• With the increasing threat of Cybercrime, Cyber Insurance becomes an important consideration for any business or organisation

What steps has Watts Price Accountants undertaken?

As an organisation that holds client’s TFN and other personal details we have always been overly diligent about security.

Some of the measures we use include:

• Staff training in how to identify issues, what to do & who to contact
• IT Usage Policies
• Mandatory Strong password policy
• Use of Two Factor Authentication
• Automatic security and system updates for all computers, server and our website
• Use of document destruction bags for paper documents and a fire-protected compactus for physical file storage
• Use of a Firewall to stop ransomware, encrypted threats and phishing attacks, over not only wired but also wireless and mobile networks
• Anti-virus software
• Messaging Security software

If your business needs assistance in preparing for the new Data Breach Notification Laws or just some advice on security measures in general please contact Richard Kemp our Practice Manager on 5382 3001 or via email at richardk@wattsprice.com.au.

Improve Your Cash Flow with EziDebit

How Can You Get Paid Quicker?

At Watts Price Accountants we use a provider called EziDebit. They provide Direct Debit and BPAY facilities for Small Businesses so you can greatly improve your cash flow position. That’s correct you can access these great facilities without going through your commercial bank! If you want to speed up your collections process consider EziDebit. Read more below.

You’ve probably used direct debit personally, so you know how convenient it is as a customer. You can set and forget a payment schedule, resting assured bills will be paid on time. As a business, this means you and your customers can focus on other things, and reduce late payment conversations with your customers.  Ezidebit’s direct debit helps your business take control over cash flow by ensuring customer payments are collected on time, every time.  With direct debit, customers authorise payments to be collected automatically from their credit card or bank account. Ezidebit collects and manages these payments on your behalf and transfers settlement amounts to your bank daily, keeping you in control of the payment process, and your cash flow. Whether your business runs on scheduled or on demand payments, for either fixed or variable amounts, Ezidebit can help. We have options for self-serve or managed accounts allowing you the level and flexibility that works best for your business.

With direct debit you get:

• Reliable cash flow
• No contracts
• Reduced admin time chasing payments
• Local support available by phone or email
• Increased customer satisfaction
• Competitive fee structure

Ezidebit integrates with leading software providers, allowing your business a seamless payment solution that saves time and money and reduces unnecessary admin work. Individually receipting payments and chasing late payments will be a thing of the past.