Data security in Chicago and beyond is a no-brainer for a variety of reasons. But could companies in the U.S. that experience a data breach be fined for it? Recently, reforms to the Privacy Act in Australia are making organizations liable for up to $2.1 million if their systems experience a lapse in security and precious data is compromised. Beyond losing revenue or customers, organizations may also soon pay hefty fines for not keeping their systems secure. The severity of the fine will depend on the type of information that’s compromised, it seems, with those organizations dealing in healthcare, retailers, banks, and the like being the most at risk due to the wealth of information they hold.
This new stipulation covers “eligible” data breaches, which include any security breach that compromises a user’s information. If an organization’s system experiences unauthorized access to private user information and it results in loss, damage, or serious harm, that organization will then be fined as a result. Serious harm includes psychological, physical, emotional, economic harm, or damage to reputation, which pretty much runs the gamut of everything that goes along with having your information stolen or accessed without your consent. Though this type of fining hasn’t yet reached our shores, now is the time to evaluate your data security and take action.
While organizations in the United States won’t automatically be fined when a breach occurs, the loss of trust and possible revenue that they experience is very real. Any company at risk of experience a breach of data security in Chicago, or anywhere, needs to take steps to ensure their systems are protected. And, really, this means any organization that collects and stores users’ information. In today’s environment, it’s plausible that nearly every organization will at some point experience a breach in security. To try and stay ahead of the damage, you must make sure that your systems are up to date and secure, and that you have a team of trained professionals ready to act if something does go wrong.
Having a plan of action for a breach of data security is crucial. People who are responsible for addressing the breach must know what to do and be ready to contain the issue and solve it as quickly as possible. The difference between a disastrous situation and a mere hiccup is the people who’ll help you address a security breach. Some things to keep in mind are:
- Have a plan. If the worst happens, have a plan and make sure everyone knows what to do.
- Have a template. Know what you’ll say to your customers and how you’ll make it right.
- Move forward. Figure out how you can better secure your systems. Sometimes you don’t know what you don’t know, but if you experience a security breach you’ll know where you failed.
Our team of trained professionals is ready to assist with data security in Chicago and across the country. If you have questions about how your organization can get ahead of the threat, contact us today. CMIT Solutions is here to protect your interests and your clients’ information.