Australian businesses with a turnover worth at least AUD 3 million per year must comply with the Notifiable Data Breaches (NDB) scheme under the Privacy Act. The federal government implemented the regulation on 22 February 2018, to ensure that public and private sector groups continue to invest in information security. Failure to do so can be costly for your business.
Cybersecurity is an integral part of running a business, particularly for Aussies, to prevent unwarranted access to your network. Smart devices and Internet access have become necessities, making information security indispensable against viruses. When hit by a cyberattack, it may take years to bounce back, not to mention retrieving the lost or stolen data. With a regular IT audit and other cybersecurity practices, cyber threats will be minimized.
Australian business owners without clear IT security policies will become more vulnerable to attacks in 2019 than in previous years. Malicious software, or malware, continues to evolve with the discovery of new threats that no longer require the use of executable files. As early as July 2018, IT experts have included TrickBot malware in types of cyber-attacks. It emerged as one of the latest threats that year when even large companies, which have robust IT support systems, had trouble reducing their risk exposure.
An Australian Competition and Consumer Commission (ACCC) report showed that phishing ranked among the top three scams in 2018. Business owners should be extra mindful of their IT security policies against this type of cyberattack. Companies in the banking, finance, and health care sectors likely need data security more than any other industry because the nature of their business makes them a gold mine of information for hackers.
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When did your IT guy last pay you for downtime?
Work with a Managed IT company who can help you streamline your systems and operations management. Implementing high‐tech solutions to ensure the integrity, uptime and accountability of all internal system processes gives you the assurance that you have continuity.