Changes to Privacy Laws and Regulatory Requirements in 2018 will affect the security IT requirements of Financial Organisations

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The Privacy Amendment (Notifiable Data Breaches) Act 2017 (NDB scheme) was passed on 13 Feb 2017, as of 22 February 2018 all entities covered by the Australian Privacy Principles (APPs) must have clear obligations to report eligible data breaches.

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APP entities

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Agencies and organisations that already have obligations under the Privacy Act 1988 to secure personal information must comply with the Notifiable Data Breaches scheme.

This includes Australian Government agencies, businesses and not-for-profit organisations that have an annual turnover of more than $3 million, private sector health service providers, credit reporting bodies, credit providers, entities that trade in personal information and tax file number recipients. However, some businesses of any size are APP entities, including businesses that trade in personal information and organisations that provide a health service to, and hold health information about individuals.

The changing regulatory environment regards security will require increased reporting and improved audit trails.

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A&M Technologies can help with both increasing security for financial organisations' systems to prevent security breaches, improving the speed of reporting processes, and improving data storage and backup to speed up recovery of lost data through security attacks.

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IT Services for every firm

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Our IT support services are perfect for businesses large and small. We know there are no one-size-fits-all solutions for any company, so we ensure that our services are tailored to your specific needs and aligned with your goals. We are happy to provide long-term or short-term services, making our contracts as flexible and personalised as possible.

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