Steadfast Convention & Reach Foundation

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This week we were please to attend the annual Steadfast convention which was held in Melbourne. Each year the Steadfast Foundation assisted by its brokers and partners, chooses a charity from the city in which the Steadfast Convention is held.The recipient charity for 2018 was the Reach Foundation.

The Reach Foundation help 50,000 young people each year through workshops that aim to improve their wellbeing.

Scott Winton Insurance Brokers are please to be a major donor for the Steadfast Fundraiser. We’ll update this post with further details of the amount raised by the foundation shortly.

Mandatory data breach notification scheme

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Cybercrime and its potential impact on business operations is well understood today with reports about data breaches, malware attacks and email scams of all kinds making the the news almost daily.

Businesses with websites, and that’s just about every business, hold data and information about customers. This sensitive information is at serious risk of being accessed by cyber criminals following a malicious cyber attack that results in data breach.

The cost to Australian business of data breach is staggering, numbering in the tens of millions of dollars, as detailed in a 2017 report produced by the security division of IBM.

What was once mainly a problem for big business now encompasses small and medium businesses of every description with service providers at the top of the list of industries targeted.

Recent legislation means that it is now mandatory for any affected business to report a data breach to the government and its customers.

If a business suspects they have been subject to a data breach, they will be required to carry out an assessment within 30 days. If there are then reasonable grounds to believe a data breach has occurred, the business will need to notify the Australian Privacy and Information Commissioner, as well as all the affected individuals.

The government believes the new scheme will strengthen the protections afforded to everyone’s personal information, and will improve transparency in the way that the public and private sectors respond to serious data breaches. It will also give individuals the opportunity to take steps to minimise the damage that can result from unauthorised use of their personal information.

https://www.oaic.gov.au/privacy-law/privacy-act/notifiable-data-breaches-scheme

How to protect your business from the costs of data breach.

1. Businesses should take reasonable steps to make sure personal information about customers is held securely – including being equipped with a clear response plan in the event of a data breach.

2. Be sure to have sufficient cybercrime insurance to cover the cost to your business of any breach. Insurance can cover the cost of:

  • IT advice and services to ‘clean’ your IT system.
  • Loss of income due to interruption to your business.
  • Legal liability costs if an affected customer takes legal action

3. Call us for more information. An affordable, cyber insurance policy will free you to concentrate on running your business. The insurance will watch your back.

Cyber Security Review

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NEW LEGISLATION MEANS A REVIEW OF YOUR CYBER SECURITY INSURANCE COVER IS NOW A HIGH PRIORITY

The recent passing of the Mandatory Data Breach Bill 2016 into law means a review and possible overhaul of your cyber security insurance should be a high priority for your business.

Scott Winton Insurance Brokers can provide all the information you need and help you implement the right Cyber Risk protection strategy for your business.

For more information click on the links below or please contact our Financial Lines Department on (03) 8598 9411 or email us at info@scottwinton.com.au

 

FULL DETAILS OF THE MANDATORY DATA BREACH BILL HERE

 

CYBER SECURITY ADVICE and REQUEST A REVIEW HERE

 

Why use a broker?

barksupport Broker

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There is nothing worse than paying a premium for insurance, then, when you lodge a claim following an insured event, find that you get the runaround from the insurance company and, eventually, a settlement that leaves you well out of pocket.

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barksupport Insurance

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