Hack warning: Secure your data or risk a $31 million fine

How do you store your customers’ personal data? Are you one hundred percent sure it’s safe from hackers? These are very important questions for small businesses.

Just last week Fairfax reported a conveyancing firm’s IT system had been compromised by hackers who were able to steal $250,000 of a client’s funds from it.

Plus, stiff new data privacy rules in the European Union last month mean it’s now more important than ever for small businesses to get their cyber security right. Because it’s entirely possible that even though the laws come from the EU, they apply to your business.

The General Data Protection Regulation came into force on 25 May. The rules tighten restrictions around how businesses store and use their customers’ personal information. This follows the introduction of a mandatory data breach reporting regime in Australia that started in February this year.

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Source: Hack warning: Secure your data or risk a $31 million fine