Cyber Data breach notification statistics ‘frightening’

Cyber Data breach notification statistics ‘frightening’

The Office of the Australian Information Commissioner (OAIC) has released its first quarterly report into notifiable data breaches, which shows 63 reported breaches since the scheme began on 22 February 2018.

That means in only its first 38 days, the scheme is averaging more than two notifications every business day.  OAIC’s figures show health service providers made the most notifications

The Office of the Australian Information Commissioner (OAIC) has released its first quarterly report into notifiable data breaches, which shows 63 reported breaches since the scheme began on 22 February 2018.

That means in only its first 38 days, the scheme is averaging more than two notifications every business day.

Gerry Power, National Head of Sales for cyber insurance specialist underwriting agency Emergence, says the statistics are “frightening”.

OAIC’s figures show health service providers made the most notifications, at 15; followed by legal, accounting and management services, 10; finance, including superannuation, eight; education, six; and charities, four.

Human error was responsible for 32 of the notifiable data breaches (NDB) reported; malicious or criminal attacks, 28; and two were system errors.

Gerry said the high rate of NDBs in only 38 days of the scheme’s operation highlighted the need for cyber insurance.

A cyber insurance policy is part of every successful business’s risk management framework. Cyber insurance is not the first line of defence; it is designed to protect a business when its IT security, policies and procedures fail to stop an attack.

You need to understand the risks and they need protection.

Carollo Horton’s Cyber Essentials gives you support and incident response expertise to recover from adverse events, including ransomware attacks, point-of-sale intrusions, denial-of-service attacks and cyber espionage.

What Should You Do Next?

You should ensure that your data breach response plans are effective and up-to-date, and that you have internal and external contacts ready to respond swiftly when a breach occurs.  Our dedicated Cyber Support hotline is ready to help policy holders 24/7.

At Carollo Horton, we have created the first Pharmacy specific Cyber Insurance product.  Let our dedicated team talk to you about how our Cyber Essentials package can be part of your response to these new government requirements.

We service Melbourne, Sydney, Brisbane, Adelaide, Perth and all regional areas of Australia. Call 1300 227 655 or submit an online query now.

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