As I recently discussed in a previous article, data breaches are a growing problem and the Association of Corporate Counsel (ACC) have highlighted the prevalence of data breaches within Australian in-house counsel.
According to ACC, one third of Australian in-house Counsel have experienced a data breach and of those that had, 47 percent stated that it had occurred within the last two years. Despite increasing cyber security issues, particularly in the form of employee error, companies are not implementing clear policies or mandatory training.
In light of recent data breaches, such as that of dating site Ashley Madison or even large retailers like K-Mart and David Jones, it is becoming increasingly important that companies take preventative measures before a breach occurs. Data breaches not only risk confidential information, but they can also have devastating consequences on companies in the form of customer distrust and loss of good will.
This is a timely reminder for all of us that no one is immune to data breaches. I urge all of my clients to not only keep your online retail platforms updated with current security measures, but think about your policies and procedures. How are you minimizing risk? What steps will your employees take if a data breach occurs?