The ATO is encouraging businesses to take precautions and review their cyber security measures in the wake of increased technological adaption and reports of scams and breaches.
Your business, employee and client information is highly sensitive information. This information has increasingly become the target of cybercriminals. The ATO is encouraging businesses to develop data breach response plans.
The Office of the Australian Information Commissioner (OAIC) guides Business Owners on how to create an effective data breach plan:
- Develop clear escalation procedures and reporting lines for suspected breaches; Create processes that outline when and how affected individuals are notified;
- Ensure records are kept to document breaches; and
- Implement strategies to identify and address any data handling weaknesses that could have contributed to the breach.
Your data breach response plan should also include contacting the ATO so they can put protections in place for your clients. You should regularly review and test your plan and improve it as necessary.
This will help you act quickly and minimise harm in the unfortunate event if a data breach does occur.