Riskology

Today, cyber attacks are becoming more frequent, sophisticated and damaging, so protecting your data has never been more important. Recently, there have been some high profile local cases, with Optus, Medibank and Woolworths all experiencing significant data breaches. This has prompted regulators in Australia to increase penalties for serious or repeated breaches from $2.2 million, up to a maximum of $50 million. 

It’s clear that a data breach can be extremely costly for your organisation, both in terms of financial penalties and the damage it causes to your reputation. So what can you do to avoid data breaches and keep your customers’ information safe? Here’s three top tips.

Tip 1: Be prepared

We often hear about the importance of being prepared, and this is the first line of defence against data breaches. It’s essential that your business has the policies, procedures and expertise necessary to understand, identify and minimise the potential risks. This includes ongoing training and education of staff, a working knowledge of current and evolving cyber attacks and vulnerabilities and a strong and robust software system. 

Investing in prevention strategies now will help reduce the likelihood of a data breach impacting your customers and business. As our reliance and use of technology continues to grow, putting adequate protections and measures in place to secure your data must be a priority for all organisations.

Tip 2: Invest in software

Recent figures from the Office of the Australian Information Commissioner (OAIC) Notifiable Data Breaches Report showed that malicious or criminal attacks were the leading source of data breaches, highlighting that organisations cannot afford to leave security vulnerabilities unchecked. Partnering with a trusted software provider can help you to be sure your systems are operating optimally, and that all security vulnerabilities are identified and effectively managed. For example, the Riskware team can recommend the best approach for storing and managing sensitive data and provide you with enterprise risk management software that provides structure and support.

Tip 3: Educate your people

When it comes to the source of data breaches, the AOIC report also shows that human error is a close second to malicious attacks. The risk of this happening to your company can be significantly reduced by providing your team with ongoing education around the potential cyber risks. Schedule regular training for staff at all levels of the organisation, and communicate any important developments or updates that could potentially be a risk. When your team understands the risks, and knows how to avoid them, you give them the confidence to manage and report a potentially harmful situation before it becomes a problem.

Minimise the risk of a data breach before it’s too late. If you need advice or would like to know how we can support your organisation in utilising software that minimises the risk of a data breach occurring, get in touch with our team today!