#86 Don’t be Optus. What you need to know about Privacy rules in your business
As you probably know, Optus recently experienced a data breach that affected millions of customers. As a result, business owners are on high alert, wondering if their data is at risk.
It's important to understand that having a data breach is not necessarily a breach of privacy laws. However, Optus now needs to prove that all of the steps they had in place to protect data were reasonable. This is a high standard, especially for a large company like Optus.
In this episode, I’m talking about what you need to know about privacy rules in your business, from a legal perspective and in order to build trust with your customers.
As a business owner, you need to be able to establish that you have taken reasonable steps to protect the data you hold. This means having a privacy policy in place that complies with the Privacy Act and having measures in place to safeguard your data.
I have been talking about the importance of privacy policies since the inception of this podcast, and it’s my view that every small business should have one. The Optus fiasco has taught us that we can't just stick our heads in the sand and hope that nothing happens to our data. We need to be proactive in protecting it and nurturing our client’s trust.
If you don't have a privacy policy or don't know exactly what measures you have in place to safeguard your data, reach out. I am always here and happy to help.
TOPICS DISCUSSED AND WHERE TO FIND THEM:
[1:00]: Privacy policies are important legally and because you’re building trust with your clients and consumers.
[2:50]: Having a data breach doesn’t mean that Optus have broken the law. They now have to prove they had reasonable steps in place to protect their data.
[4:00]: If you are collecting data from people, you need to have a privacy policy. My view is that every small business ought to have a policy to build trust.
[5:20]: There are 13 principles that relate to the privacy obligations which you can find at the Office of the Australian Information Commissioner website here. Some will apply to your business and some won’t, which is why working with a business lawyer is important.
[6:00]: This is why DIY templates for legal documents because they aren’t tailored to your specific business.
[7:15]: You need to make sure you understand your privacy policy and that it complies with your legal obligations. Then you are in a good position to build trust with your clients.
[8:00]: There has been a mass exodus of clients leaving Optus because of the loss of trust. You can’t measure the impact because of the loss of trust and confidence.
[8:30]: As business owners, we can’t stick our head in the sand. We need to know what our legal obligations are and take the time to prioritise our legal documents.
[9:20]: If you don’t have tailored legal documents in place, take action now.
LINKS:
Website mentioned: www.oaic.gov.au
Join The Legally Empowered Entrepreneur Masterclass Series here
Get your copy of my Annual Legal Checklist here
Website: tmsolicitor.com.au
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