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Customers are becoming fearful of handing over personal info for this reason

With cyber attacks and data breaches on the increase, a recent poll by CPA Australia shows that more people are now ‘much more fearful’ of handing over their personal information to businesses. More than three-quarters of those polled (78 per cent) responded they were now ‘much more fearful’ of handing over their personal information to business.”

CPA Australia Senior Manager Business and Investment Policy, Gavan Ord says “clearly, recent cyber attacks on businesses have people thinking twice about providing their personal details when choosing who they do business with.”

Only four per cent responded that recent cyber attacks to Australian businesses didn’t worry them.

Gavan Ord says “with some of the biggest cyber hacks in Australia occurring in recent months, businesses need to ensure they have robust cyber security in place to protect that data. That may mean businesses need to bring in external consultants to test their cybersecurity and improve their data governance.”

“Cyber attacks aren’t just limited to corporations. All businesses, big and small, need robust and tested data governance processes around the storage and destruction of that personal data.”

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“As this poll shows, people now fear handing over their personal information. All businesses need to test and review their cyber security on a regular basis to give customers the confidence that their data is safe. This includes what to do in the event of a cyber attack.”

“Businesses should prioritise the review of their data processes to ensure they limit the information they collect – and store – to what is essential information.”

“If the increase of cyber hacks tells us anything, it’s not a case of ‘if’ but ‘when’ a cyber breach will occur, so businesses need to prioritise cyber security now.”

“Businesses should review all the data they currently hold. They must look at who in the business has access to that data and remove any access that is not necessary. They must consider what protections are in place to protect customer data and securely destroy data they no longer need.”

“It’s crucial that businesses understand their obligations in the event of a data breach. Employees should be trained on cyber security and data governance at onboarding and on a regular basis thereafter.”

“It’s wise for businesses to review their supply chain and determine if any third party suppliers or contractors have access to their data, and ensure they have adequate cyber security measures too.”

“Data governance and cyber security should regularly appear on the agenda of board and executive level meetings – it’s that serious.”

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“Larger companies should consider including cyber security expertise on their board, and look at taking out cyber insurance in case of a breach.”

 

Also read: Small and micro business’ cyber scam losses doubled in 2022

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