Australia’s mandatory data breach notification law takes effect this month warns Centrify.Australian executives and company directors will face increased professional responsibility for overseeing cybersecurity when
Centrify, delivering Zero Trust Security through the power of Next-Gen Access, notes that recent events demonstrate clearly how publicised data breaches can damage corporate value.
Last year, US credit monitoring agency Equifax saw its share price drop by 13 per cent after it reported a data breach affecting about 143 million Americans. In 2016, Yahoo suffered a $350 million reduction in its sale price to Verizon after reporting two massive data breaches affecting one billion accounts.
Centrify Senior Director APAC Sales Niall King said those incidents alone should grab the attention of executives and directors. “The salient point is that these are not isolated events,” he warns.
Australian battery company Redflow Limited (ASX: RFX) has today received in Australia the first battery electrode stacks made by its new Thailand facility.
The battery stack is the critical part of the Redflow ZBM2 zinc-bromine flow battery, containing electrodes that charge the battery by “plating” zinc on a membrane and then discharge it by reversing that process, which can sustain 10 kilowatt-hours of energy storage capacity for the battery’s operating life.
At Redflow’s Brisbane headquarters, the Thai-made battery stacks will be installed on ZBM2 battery tank sets (without stacks) which were manufactured last year at the former factory in North America.
Redflow Chairman Brett Johnson said these complete batteries would be tested and then supplied to customers to meet existing orders. “As we manufacture stacks for these approximately 200 tank sets, we will progressively validate high-quality components and sub-assemblies at our factory,” he said.
Centrify, delivering Zero Trust Security through the power of Next-Gen Access, warns that many Australian businesses need to rethink their approach to security to prepare for the new mandatory data breach notification law taking effect this month.
The Privacy Amendment (Notifiable Data Breaches) Act 2017 enacts the Notifiable Data Breaches (NDB) scheme in Australia from February 22 this year. The NDB scheme mandates that organisations suffering lost or breached data must notify affected customers as soon as they become aware of the breach and also report the incident to the Privacy Commissioner.
The legislation covers information such as personal details, credit reports, credit eligibility details, and tax file number (TFN) records held by organisations including Australian Government agencies, businesses and not-for-profit organisations with an annual turnover of $3 million or more, credit reporting bodies, health service providers, and TFN recipients, among others. Penalties range from fines of $360,000 for individuals to $1.8 million for organisations.
Centrify Senior Director APAC Sales Niall King said many businesses were security “sitting ducks” because their defences were out of date. “Today, businesses use a combination of cloud, on-premises and mobile services, which means traditional perimeter-based security is no longer effective,” he said.