Strata Insurance Market Update FY2020-2021
Understand the current Strata Insurance market landscape, how to achieve the best outcome for your strata property, and what’s on the horizon for 2021.
Late last year the government passed amendments to the Privacy Act 1988, implementing changes to Australian privacy law in a number of areas.
A key change is the replacement of the current National Privacy Principles (NPPs) with a unified set of 12 new ‘Australian Privacy Principles’ (APPs) to regulate the handling of personal information.
These changes take effect from 12 March 2014 and will have significant impact on the way companies collect and deal with various forms of personal information.
If you are yet to prepare your business for these changes, particularly in relation to computer systems and cyber safety, make it a priority now! Here’s a summary to help you get started.
The APPs will introduce an obligation to companies, and individuals, to take reasonable steps to protect personal information from ‘interference’, such as attacks on computer systems.
This is just one example of the new way in which entities will need to proactively protect personal information, and will apply in addition to existing obligations to protect personal information from misuse and loss, unauthorized access, modification and disclosure.
Under the Privacy (Enhancing Privacy Protections) Act 2012, the Office of the Australian Information Commissioner (OIAC) will have its functions and powers expanded to include the power to investigate and monitor compliance, and to award significant civil penalties for serious or repeated breaches of privacy.
Penalties of up to $1.7 million can apply to body corporates and $340,000 to APP entities that are not body corporates, including individuals.
Some examples of how you could be exposed include:
No company or individual is immune to cyber-attacks and/or privacy breaches, which is why you can’t afford to put your head in the sand!
This insight article is not intended to be personal advice and you should not rely on it as a substitute for any form of personal advice. Please contact Whitbread Associates Pty Ltd ABN 69 005 490 228 Licence Number: 229092 trading as Whitbread Insurance Brokers for further information or refer to our website.
The 2020 Allianz Risk Barometer identifies the 10 most prominent risks faced by businesses this year. How is your business managing these risks to reduce the potential impact on your strategic objectives? The advice and insurance solutions recommended by a specialist insurance broker can be a highly effective way to transfer risk.
Understand the current Strata Insurance market landscape, how to achieve the best outcome for your strata property, and what’s on the horizon for 2021.