CCBR Business Review

20 B U S I N E S S T I P S Notifiable Data Breaches Scheme – what it means to you THE PASSING OF amendments to the Privacy Act legislation will see the introduction of the Notifiable Data Breaches Scheme (NDBS), applying to all agencies, organisations and businesses that hold personal information from 22 February 2018. The objective of the NDBS is to improve the protections of personal information that if disseminated could prejudice the individual, or even be used maliciously. Many Central Coast businesses owners are lucky to have heard of the NDBS let alone know if it impacts their business. The businesses that are captured within the NDBS are described as all businesses with a turnover of $3,000,000 or more will be subject to this legislation. However, the NDBS will also apply to business seg- ments with an annual turnover of less than $3,000,000: • Private sector health services providers (including alternative medicine prac- tices, gyms and weight loss clinics) • Child care centres, private schools and private tertiary educational institutions. • Businesses that sell or purchase per- sonal information along with credit reporting bodies • Individuals who handle personal infor- mation for a living, including those who handle credit reporting infor- mation, tax file numbers and health records are also covered under the new data breach notification scheme. A data breach is defined as an instance where - • there has been unauthorised access, or unauthorised disclosure of, personal information concerning one or more individuals • there is a likely risk of serious harm the affected individuals as a result of the unauthorised access or unauthorised disclosure. • information is lost in circumstances that are likely to give rise to unauthor- ised access or unauthorised disclosure. If your business was to experience a data breach, an organisation has a duty of notification to the Office of the Australian Information Commissioner and the affect- ed individuals of an eligible data breach as soon as practicable. Notification is considered compulsory unless it impacts upon a law enforcement investigation or was determined by the regulator to be contrary to public interest. A serious breach could see fines of up to $360,000 for individuals and $1.8 million for organisations. A significant data breach could be financially crip- pling. Costs could range from business interruption, ransom payments, incident response, third party claims and legal costs, to customer notification expenses and data reconstitution. All prudent business owners need to take precautions to mitigate against the risks of a data breach, such as formulating a contingency plan, consultation with an IT security expert and effecting a Cyber Risks insurance policy To find out more on how to limit your exposure that results from a data breach, and provide the necessary insurance pro- tection for your business, contact contact Nathan Corrigan at Insurance House, (02) 8913 9137 or nathan.corrigan@ihgroup.com.au. By Nathan Corrigan, Account Manager, Insurance House Central Coast chapel, from designing a hydraulic lift to give disabled people easy access to the chapel to achieving the precise “authen- tic” fixtures and fittings she wanted despite being told it couldn’t be done. Once construction of the chapel was well underway, Cherie focused on the main function centre and the onsite accommodation. As was the case with the chapel, she required every aspect of the buildings and inclusions to be high end. She engaged the services of respected local chef, Damien Battye to help design the kitchen and installed a state-of-the-art beer system, one of only two of its kind on the Central Coast. When it became apparent that the offi- cial opening would have to be delayed, Cherie decided to cease taking book- ings and put all her energy into com- pleting the construction and design process to ensure the high standard she demanded could be maintained. The chapel’s first wedding was held on September 24, 2016. All hands were on deck. “Even the plumber, electrician and beer man were on hand to help out,” said Cherie. The wedding was a resounding success and marketing the business began in earnest. Cherie’s daughter Karina, a construction lawyer, came on board as full time manager in June 2017. Karina made a conscious decision not to focus on what their competitors were doing. She had a clear vision of what she wanted to deliver and has stayed true to that vision from day one. Karina said, “I believe one of our strengths is that we don’t have a background in the industry. We don’t do things the way they’ve always been done; we do things the way we know our clients want them to be done.” Today Cherie and Karina have book- ings through to 2020, however there are still vacancies in 2018 and beyond. They also offer fully catered and tailored corporate functions as well as memo- rial services in the chapel. They are constantly researching to keep abreast with the latest trends and have been “pleasantly surprised” by the supportive and collaborative wedding industry community on the Central Coast. Clearly proud of her mother’s achievements, Karina said, “My parents made a formidable team but I don’t think my mother received the credit she deserved when they ran Central Coast Motor Group. Cherie was here in the trenches every single day during construction. The entire process was challenging, but she held her own in a male dominated environment every step of the way.” Cherie Reid – The journey from cars to weddings and functions CONTINUED FROM PAGE 5 “My parents made a formidable team but I don’t think my mother received the credit she deserved when they ran Central Coast Motor Group.” CENTRAL COAST BUSINESS REVIEW FEBRUARY 2018