In today’s rapidly evolving regulatory landscape, a generic privacy policy just won’t cut it anymore. While one can easily acquire a boilerplate policy for under $200, it seldom gets scrutinised until something goes terribly wrong.
Why Basic Compliance Isn’t Enough
The Commonwealth Government is contemplating introducing tort or negligence-based duties concerning privacy. It’s not just about avoiding breaches; it’s about ensuring individuals can trust your business to disclose risks and act appropriately. The process demands much more than a mere privacy policy—it requires proactive action, risk analysis, and transparency.
A Deeper Look at GDPR
Australia’s increasing focus on privacy brings it more in line with global standards like the General Data Protection Regulation (GDPR), either from the EU or the UK. GDPR mandates several steps that, although might seem arduous, bring meaningful privacy considerations into a business’s day-to-day operations.
Key Steps Toward GDPR Compliance:
- Data Subject Requests: Developing policies compliant with Article 15 of GDPR ensures a well-thought-out process for handling individual information requests.
- Data Breach Management: Having a plan that complies with Articles 33 and 34 can protect customers from hasty, ill-considered actions in case of a data breach.
- Controller Processing Activity Register: This compliance with Article 30 necessitates a comprehensive understanding of data handling throughout your business.
These steps might seem intensive, but their utility extends beyond GDPR compliance. They lay a strong foundation for responsible business operations and customer trust.
The Complexity of Third-Party Interactions
One area where many businesses fall short is understanding the third-party services they rely upon. Whether it’s Google for data storage, Okta for Single Sign-On, or any analytics tool, each has its specific role in data processing that needs to be thoroughly understood.
Navigating Australian Regulations
With Australia raising the penalties for Privacy Act contraventions up to $50 million for repeated offenses, the need for robust compliance has never been higher. The Australian Privacy Principles (APPs) already require a level of detail that can be bolstered by considering GDPR mandates.
Additional Benefits:
- Global Trade: GDPR compliance positions you well for trading in Europe and the UK.
- Holistic Compliance: The required due diligence pairs well with the Modern Slavery Act compliance, which also demands supply chain investigations.
Concluding Thoughts
Privacy compliance can’t be an afterthought. GDPR compliance provides a rigorous framework that’s beneficial even for those not doing business in the EU. Taking the extra step for compliance isn’t just about avoiding penalties; it’s about building a sustainable and trustworthy business. And that is an investment worth making.
Would you like to ensure your systems are robustly aligned with current privacy and data protection standards? Contact Loosemore Advisory for expert advice and tailored solutions.
For more information, reach out to us at Loosemore Advisory. We specialise in corporate advice, compliance, and risk management, providing tailored solutions for your unique business needs.