With GDPR coming into force in May 2018 – and bringing with it a whole host of changes including new data breach notification requirements – you’d be forgiven for thinking that this was one of the only major new pieces of legislation impacting the cyber insurance market. But the EU isn’t alone in introducing new notification requirements. As of last week, Australia introduced its own Notifiable Data Breach (NDB) scheme.
This marks a major change to the legislative environment in Australia, and the organisations that the NDB scheme applies to will have to make sure that they’re aware of their obligations under the act because non-compliance can result in some hefty fines.
That said, although this is a significant change, it is important to note that dealing with a data breach isn’t the only cyber risk that businesses face. Australian organisations have had to deal with cyber risks for some time now, and there has already been a large number of cyber insurance claims in Australia for issues like cybercrime and system business interruption. The NDB scheme now adds to these exposures, but it certainly doesn’t replace them.
To find out more about this important change, please read our one-page NBD Quick Guide detailing the scheme, who it affects and what it organisations will be required to do.