Could your organisation effectively navigate a class-action lawsuit in the event of a data breach? That may now be a reality under Australia’s mandatory notifiable data breach (NDB) legislation that is now in effect, according to Austbrokers.
The firm says that there is more attention than ever on the impact data breaches have on organisations and individuals. Breaches may lead to increased costs, reputational damage, loss of customers, and even a class-action lawsuit.
Austbrokers divisional chief executive Nigel Thomas says the United States is already facing class-action lawsuits as a result of data breaches, and it may only be a matter of time before Australian courts start seeing a similar pattern.
The NDB legislation is designed to protect individual’s personal information and minimise harm to people who have their personal information involved in a data breach such as unauthorised access or data theft. The NDB legislation definition of ‘serious harm’ to an individual not only includes financial loss but provides for emotional distress and reputational damage.
“Organisations that fail to keep data secure and don’t take the prescribed…
