After many years of trying, Australia will have a mandatory data breach notification scheme in place within the year following the passage of legislation through the senate on the 13th February.

What does the data breach notification mean to you? All you need to know for your business

This newly passed law means organisations that determine they have been breached or have lost data will need to report the incident to the Privacy Commissioner and notify affected customers as soon as they become aware of a breach.

The notification must include a description of the data breach, the kind of information involved, and how customers should respond to the security incident.

Those that fail to notify face penalties including fines of $360,000 for individuals and $1.8 million for organisations.