(http://optimuminsurance.com.au/Blog/tabid/158/ArticleID/61/New-Privacy-Laws-and-Their-Impact-on-Organisations.aspx) - New Australian Privacy Principles (APPs) apply from 12 March 2014. Compared to the current privacy laws, the new laws place greater responsibility on organisations to ensure that they have comprehensive and transparent practices, procedures and policies regarding privacy in place. As such, a review of current privacy policies must be conducted to ensure they are up-to-date and compliant with the new laws

1. New Privacy Laws and Their Impact on
Organisations

2. New Australian Privacy Principles
New Australian Privacy Principles (APPs) apply from 12 March 2014.
Compared to the current privacy laws, the new laws place greater
responsibility on organisations to ensure that they have comprehensive and
transparent practices, procedures and policies regarding privacy in place.
As such, a review of current privacy policies must be conducted to ensure
they are up-to-date and compliant with the new laws, especially in relation
to:
 How the company holds, collects and uses personal information;
 The purposes of holding, collecting and using personal information;
 How the company handles complaints in relation to its collection or use of
personal information; and
 The deletion of data that is no longer required for business, legal, privacy
or regulatory purposes

3. Consequences of Privacy Breaches and
Non-compliance
The risks associated with data privacy breaches and subsequent noncompliance can have serious implications for an organisation’s financial,
reputational and operational activities.
From March 2014, breaches of the Privacy Principles will not only damage a
company’s reputation if reported publicly, but also carry fines of up to $1.7
million. Furthermore, the company risks exposure of confidential personal or
business information (both internally via a potentially disgruntled employee
and externally through cyber attacks) and a reduction in the capacity to
perform its operational functions or activities.

4. Is Your Business Covered?
As the volume and complexity of electronic data increases, so do the
challenges associated with how that data is collected, managed, stored and
protected. The tough penalties enforced for data breaches are not covered
by standard business insurance policies. These policies will only provide cover
for tangible assets and nothing beyond this.

5. Cyber Insurance
This is where Cyber Insurance is designed to assist companies. The new
privacy laws have seen a growth in demand for this product, and have seen it
become even more relevant. Cyber Insurance protects companies from
exposure to cyber crime and whilst all Cyber Insurance policies differ, most
will cover multiple third party cyber exposure claims arising from network
outages, the spread of viruses or malicious code and computer theft and
extortion. They should also cover first-party losses including public relations
costs, recovery of lost data, business interruption costs and legal fees, client
notification expenses, regulatory fines and IT forensic investigation fees.
To find out more about Cyber Insurance, click here. To contact one of our
advisers about your requirements, call 1300 739 861 or
email service@optimuminsurance.com.au.

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7. Contact Us
Phone
Fax
Hours
Email
Website
+61 1300 739 861
+61 1300 732 225
9.00am to 5.00pm (EST)
Monday – Friday
service@optimuminsurance.com.au
www.optimuminsurance.com.au
Office Location
Level 1, 27 Belgrave Street,
Manly NSW 2095
Presentation Disclaimer –– “This material contains general information only and may not suit your
particular circumstances. To decide if a policy is right for you please carefully read the relevant Product
Disclosure Statement (PDS) and/or Policy wording. A copy of the PDS or policy wording is available by
contacting our office on (insert office phone number);”
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Representative of Insurance Advisernet Australia Pty Ltd (Car No. 291220), Australian Financial Services
Licence No 240549, ABN 15 003 886 687.”