SEARCH
Breach reporting must be advisers' 'top priority': Kamino
Breach reporting must be advisers' 'top priority': Kamino
The introduction of mandatory breach reporting early next year will pose numerous challenges to unprepared advisers, according to cyber security firm Kamino.
In a statement, Kamino and Midwinter managing director Julian Plummer cautioned that many advisers, particularly IFAs, have not taken appropriate action ahead of the introduction of the new laws in February 2018.
After the introduction of the laws, Mr Plummer said, advisers will be required to report every "eligible data breach" to both the Office of the Australian Information Commissioner and affected clients.
"This means that if at any point you experience a data breach - you will automatically be increasing the risk of loss of confidence in your business from a client's point of view, as you are now obliged to tell them directly when and if a breach occurs," Mr Plummer said.
"This is a result of increased digitisation into financial planning. Securing your data will secure your business."
Mr Plummer said advisers should start taking steps to make sure they understand their legal responsibilities, and ensure all staff are aware of and comply with IT policies and procedures, and added that it "may be a good time" to review cyber insurance policies.
"Cyber insurance offsets many of the costs of potential IT breaches, however we recommend doing adequate due diligence as one size does not fit all," he said.
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- World of Aviation
EVENTS AND SUMMITS
- ACE25 The Accounting Conference and Exhibition
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian AI Awards
- Australian Aviation Awards
- Australian Aviation Summit
- Australian Broking Awards
- Australian Cyber Awards
- Australian Cyber Summit
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Law Forum
- Australian Space Awards
- Australian Space Summit
- Australian Wealth Management Awards
- Australian Wealth Management Summit
- Better Business Awards
- Better Business Summit
- Broker Innovation Awards
- Broker Innovation Summit
- Budget Summit
- Commerical Finance Awards
- Corporate Counsel Summit
- Defence & National Security Workforce Awards
- Fund Manager of the Year Awards
- ifa Excellence Awards
- Lawyers Weekly 30 Under 30 Awards
- New Broker Academy
- Partner of the Year Awards
- Partner Summit
- REB Awards
- Rising Star Awards
- SME Bootcamp
- SMSF Technical Strategy Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Finance Summit
- Women in Law Awards
- Women in Law Forum
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
