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Mandatory breach reporting leaves companies nowhere to hide as consumers threaten to walk

70 percent of Australian consumers would stop doing business with a company following a data breach at that company. Retailers were most at threat, with 61 percent saying they would leave a retailer after a breach. The figures can only be worrying for companies that face growing scrutiny over their handling of consumers personally identifiable information (PII) in coming months. New Notifiable Data Breach (NDB) legislation will force Australian companies to come clean when they suffer a data-breach. Despite pressures, many companies still arent updating essential security practices such as privileged account management controls, which can track employees use of sensitive PII.”]

Source: https://www.csoonline.com/article/3500561/mandatory-breach-reporting-leaves-companies-nowhere-to-hide-as-consumers-threaten-to-walk.html

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