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What is cybersecurity?

Cybersecurity is the practice of protecting electronic systems from attacks that are aimed at stealing or corrupting data with the objective of gaining a monetary advantage or causing interruption to the orderly conduct of business.

Data Breach Response Plan – Why is it important?

• The incidence of cyber breaches is growing at a rapid rate
• A successful attack for which your company is unprepared can destroy your business
• You may not be able to avoid a cyber breach but you can take steps now to minimise the risk and mitigate the damage
• The legal requirements are changing and tightening
• New penalties for breach of privacy laws can exceed $50M for corporations and $2.5M for individuals
• Regulators have recently been successful in actions against companies, and using this as a ‘stepping stone’ to a finding of personal liability for a breach of directors’ duties
• Get your Cyber Response Plan

What every company should do!

• ACCEPT that in today’s world, cyber attacks are an ever-present danger to companies
• PLAN actions to reduce the risk
• MONITOR the effectiveness of the plan and monitor for breaches
• PRE-PREPARE FOR A RESPONSE in the event a breach occurs
• UNDERSTAND that there is no ‘one size fits all’ solution. Internet searches are unlikely to provide the answer for your particular needs. Every situation and every company is different!

How can Matthews Folbigg Lawyers Help?

WITH PLANNING

• Advise on the law in terms of your obligations to retain certain classes of  data and for how long
• Advise on the law in terms of when to dispose of data
• Advise on the law in terms of the need to ensure data is disposed of properly
• Advise on the law in terms of ‘Terms and Conditions’ at the time data is collected. (Is the person giving the information aware of how the information will be used)
• Assist you to understand what questions you should ask when appointing a cloud service provider
• Provide advice regarding usage and access of data within your business.
• Recommend appropriate Company Policies
• Advise of appropriate clauses in supply contracts
• Ensure that you have the necessary notifications prepared in the event of a cyber attack

WITH MONITORING

• As legal requirements change Matthews Folbigg will review the appropriateness of company policy and plans
• The ever-changing nature of this threat has led Matthews Folbigg Lawyers to not tie itself to a single technical provider or methodology for monitoring. Our service will provide updates that will raise the awareness by reference to recent events where there was no monitoring and no-one realised data had gone missing

WITH A RESPONSE

Whilst good planning and continuous monitoring will assist, no company can hope to remove any possibility of a breach. Given that is the case it is wise to have given forethought to issues like:

• Who you need to notify and are any of those notifications mandated by legislation
• What you are going to say
• What actions you should be taking towards containment

For Assistance

For assistance and to better understand how we can assist, contact Matthews Folbigg today on 9635 7966 and ask to speak with one of our cybesecurity lawyers or contact us on cybersecurity@matthewsfolbigg.com.au