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How SMBs can take the complexity out of data compliance
- Cyber security and data privacy are critical challenges for SMBs in Australia, with reported data breaches hitting a three-and-a-half-year high.
- Recent legislation changes will require 92% of SMBs to comply with regulations on handling personal information, emphasizing the importance of data privacy.
- Businesses collecting and processing personal data must be transparent to build customer trust and comply with laws.
- Around half a million SMBs are unaware of their obligation to inform customers about data collection, risking legal and reputational damage.
- To enhance data security, SMBs should update software, adopt unified technology stacks, and provide employee training on cybersecurity threats.
- Implementing role-based access controls, regular audits, multi-factor authentication, and encrypted backups are essential for safeguarding sensitive data.
- Having a privacy policy that clearly outlines data handling practices is crucial for compliance and building customer trust.
- Less than half of SMBs have a clear and enforced privacy policy, highlighting the need for businesses to prioritize and maintain such policies.
- A proactive approach to data protection, including regular policy reviews and updates, helps SMBs mitigate risks and establish a positive brand image.
- Prioritizing data privacy not only enhances security but also fosters customer loyalty and trust, contributing to long-term business success.
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