GDPR – Five Years On
The General Data Protection Regulation (GDPR), introduced five years ago, was a game-changer. As the premier regulation in EU law on data protection and privacy, it has been instrumental in steering the global dialogue on data privacy rights, becoming the de facto global standard.
Since its inception, GDPR has handed out nearly €2.8 billion in fines, over €1 billion of which have been imposed within the past year alone. This scrutiny has not only been reserved for large corporations – small businesses have also been under the regulatory microscope. But while GDPR continues to shape the data protection landscape in the EU, we at Oper8 Global are shifting our focus to the evolving cybersecurity environment closer to home – in Australia.
In recent years, Australia has faced significant cyber breaches that have pushed cybersecurity to the forefront of national discourse. The magnitude of these breaches and the consequent demand for more robust data protection laws have spurred the Australian government into action, culminating in the publication of 116 proposed reforms of the Privacy Act earlier this year. The government has voiced its concerns about the inadequacy of the current laws and is determined to uplift data and privacy protections.
Australia’s proposed Privacy Act reform is anticipated to bring about substantial changes to the country’s data protection framework, to enhance and align it more closely with GDPR. The reform seeks to bolster the protection of Australians’ personal information and to provide individuals with more control over their data, introducing measures such as the right to erasure, which is enshrined in the GDPR. These changes will have significant impacts on all businesses in Australia.
This reform arrives at a pivotal time, following a string of serious cyber breaches underlining the dire need for strengthened data protection measures. As businesses continue to navigate these shifting landscapes, it’s clear that our approach to data protection must evolve in tandem.
How can businesses prepare?
As businesses brace themselves for the imminent changes that Australia’s Privacy Act Reform is set to bring, it’s essential to be proactive and make strategic moves to ensure compliance. Here are some practical steps you can take:
Consider utilising Oper8 Global’s CloudBox, a private cloud storage solution. CloudBox differs from your average cloud storage – it meets stringent US military-grade data security requirements. This robust storage solution ensures your data remains uncompromised, offering you the peace of mind that comes with knowing your sensitive business data is securely housed.
Secondly, encryption should be at the forefront of your cybersecurity strategy. Incorporating High-Speed Encryptors (HSEs) can add a layer of security, helping safeguard your business information from potential breaches and ensuring data remains confidential and integral during transmission.
Furthermore, backing up your Software-as-a-Service (SaaS) platforms, like Microsoft 365, Salesforce, and Google Workspace, is an essential precaution. You want to ensure business continuity in the event of a cyber incident, and having regular and systematic backups is essential to achieve this.
Lastly, consider implementing Hardware Security Modules (HSMs). HSMs provide a secure environment for data encryption, decryption, and digital signatures, protecting sensitive digital assets. These can be particularly beneficial for organisations handling large, high-value transactions or processing sensitive data.
At Oper8 Global, we are committed to helping our clients stay ahead of the curve in these complex times. We understand that data is a precious asset and its security is paramount. As we mark five years since the introduction of GDPR and anticipate the changes Australia’s proposed Privacy Act reform will bring, our mission remains the same – to protect your business data against contemporary threats.
