Data breaches and cyber threats are growing concerns for businesses of all sizes, as client data is among a company’s most valuable assets. Ensuring the security of sensitive client data is not just a legal necessity, but also fundamental for maintaining client trust. Failing to do this can result in serious legal and financial repercussions.
With prominent client data breaches in Australia – including the Optus cyberattack and the Medibank data breach – making headline news, protecting client data has never been more imperative.
Governments, industry bodies and organizations around the world are establishing new standards and frameworks to ensure responsible digital transformation. Key legislation in Australia, including the Privacy Act 1988 and the Notifiable Data Breaches Scheme mean that companies must comply with Australian Privacy Principles (APPs) when handling personal information and are required to notify affected individuals if a data breach is likely to cause serious harm, such as identity theft or financial loss.
What happens if you fail to protect client data?
An Australian business that fails to adequately protect their clients' data could face:
- Heavy fines
- Legal action from affected individuals
- Reputational damage
- Regulatory investigations by the Office of the Australian Information Commissioner (OAIC)
- Potential criminal charges, depending on the severity of the data breach
What can my business do to ensure data security for clients?
Implementing strong data protection measures is crucial. ISO/IEC 27001, the internationally recognized standard for information security management systems (ISMS), provides a comprehensive framework for achieving this. ISO/IEC 27001 provides a systematic approach to managing sensitive company and client information, reducing risks and ensuring compliance with regulatory requirements.
How can ISO/IEC 27001 help?
- Structured risk management: ISO/IEC 27001 mandates identifying potential threats, assessing risks and implementing measures to mitigate them
- Continuous improvement: the standard encourages regular reviews and updates of security protocols, to ensure adaptation to evolving cyber threats
- Compliance assurance: ISO/IEC 27001 helps companies meet legal requirements more efficiently, as many regulatory bodies recognize certification as proof of strong data security practices
- Enhanced customer confidence: adopting ISO/IEC 27001 signals your commitment to data security, strengthening client trust and credibility
Why invest in data security?
Whatever your industry, protecting client data should be a top priority for your business. Investing in data security today not only prevents costly breaches but also fosters long-term trust.
By implementing robust security measures and following the ISO/IEC 27001 framework, your organization can safeguard sensitive information, reduce risks and maintain compliance with global regulations.
How can SGS help?
With years of worldwide experience in information security, cybersecurity and privacy protection, our Digital Trust Assurance services enable you to meet the latest standards, from ISO/IEC 27001 (information security, cybersecurity and privacy protection) to ISO/IEC 42001 (AI management system), enhancing your security and protecting your brand reputation.
For businesses, including small to medium enterprises, that are not yet ready for an audit, we offer a one-day infosec essentials assessment to gauge your organization’s information security maturity. This efficient, cost-effective solution will prepare your company for certification to international standards.
Contact us today
Steven Guyatt
National Business Development Manager
t: +61457008717
About SGS
SGS is the world’s leading Testing, Inspection and Certification company. We operate a network of over 2,500 laboratories and business facilities across 115 countries, supported by a team of 99,500 dedicated professionals. With over 145 years of service excellence, we combine the precision and accuracy that define Swiss companies to help organizations achieve the highest standards of quality, compliance and sustainability.
Our brand promise – when you need to be sure – underscores our commitment to trust, integrity and reliability, enabling businesses to thrive with confidence. We proudly deliver our expert services through the SGS name and trusted specialized brands, including Brightsight, Bluesign, Maine Pointe and Nutrasource.
SGS is publicly traded on the SIX Swiss Exchange under the ticker symbol SGSN (ISIN CH0002497458, Reuters SGSN.S, Bloomberg SGSN:SW).
