The digital disruption trend is so advanced, there are now real risks facing businesses that are not taking this shift into account in their forward planning. No industry sector is immune.
In response to the prominent rise in risk, the Federal Government last year released an exposure draft of new mandatory data breach notification laws that will form part of the Privacy Amendment (Notification of Serious Data Breaches) Bill 2015.
Originally earmarked to be implemented in the first half of 2016, these new laws are still in review however will mandate that any business, corporation, or government organisation must report the loss or theft of data that originates with them.
Privacy activists have been calling for these legislative updates for many years to effectively track the threat to personal data and identity theft that is becoming more widespread.
In the 2016 Cost of Data Breach Study: Australia by the Ponemon Institute, it was found that the average total cost of a data breach is $2.64 million while the average cost per lost or stolen record is $142. In fact, Jones Day have warned that Australian companies need to craft and implement data breach programs now to avoid the increased risk of aggressive litigation.
To combat the change in record management, at a global level the International Organization for Standardization (ISO) recently released new International Standards for record management. It had been over 10 years since the ISO was updated, so the need for the updated ISO is to address the rise of digital content and businesses increasing reliance on it and how it changes the way digital records are managed.
The new ISO 15489-1 was developed because over the past decade during which a huge digital shift has occurred, in a changing digital landscape, a new robust set of concepts and principles are needed to underpin new approaches.
There is an opportunity for every organisation to consider what needs to be done to ensure their business model can withstand the advent of newer, leaner and more digitally enabled companies.
Compu-Stor is a private, Australian owned and managed company that has been providing holistic records management solutions to businesses across Australia since 1987. To learn more about Compu-Stor’s range of information management, records storage and digitisation services visit www.compu-stor.com.au.