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Data Privacy refers to an individual’s prerogative on how, when, and to what extent personal information is shared or communicated with others. As threat actors evolve, data privacy is now an absolute necessity.
In today’s world, businesses collect massive amounts of data from their customers each second. And as technology evolves, so too do the techniques of threat actors. These individuals find weaknesses in the companies’ cybersecurity and then usually employ ransomware attacks.
According to Quantum senior director Eric Bassier, companies should understand ransomware as it is very rampant in today’s world. Bassier recommends that companies should have documented plans to protect their data and, in the event of an attack, recover it successfully.
Bassier noted that “According to a recent study of IT and business executives, two out of five revealed that their organisations had suffered from successful ransomware attacks. Over 80 per cent reported that they had paid ransoms to get their data back. That’s because cybercriminals are always on the hunt for new ways to trick users into clicking on links that open the door to ransomware infiltration. Ransomware is just one threat in the ever-growing cyber threat landscape.”
The director also added that cyberattacks are no longer a matter of ‘if’ but more of a matter of ‘when’, stressing that any company can be hit with malicious intent. He recommended that companies be vigilant and ensure that their cybersecurity is always up to date.
In support of better data privacy, the Australian government has been on offence in its battle against threat actors. Mark Dreyfus, the Australian attorney general, commented in an interview that the legislation may utilise European-style privacy reforms.
Dreyfus noted that his bill will seek to increase penalties for companies that fail to protect customer data and that the right to be forgotten and the right to sue for privacy breaches is being reviewed.
He added, “I’ve already brought in substantial increases to penalties which I hope has sent a message to corporate Australia that they have to take more care about the privacy of Australians about the data of Australians that they have in their custody.”
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