Notifiable Data Breaches (Ndb) Scheme of the Privacy Act 1988 - IT Assignment Help

Assignment Task

Legal requirements 
When developing a risk management strategy an organisation should consider their legal requirements associated with cybersecurity. Cybersecurity laws are designed to monitor, detect, prevent, mitigate and manage cybersecurity attacks [2]. In Australia the following legislation is associated with cybersecurity, a few of which will be discussed in detail. The Privacy Act 1988 - regulates how Australian Government agencies and organisations handle and protects individual’s personal information In detail, under The Privacy Act 1988, all businesses have a security obligation to secure personal information against misuse, unauthorised access and loss of information [3] and under the Notifiable Data Breaches (NDB) scheme of the Privacy Act 1988, all organisations must notify affected individuals and the OAIC when a data breach is likely to result in serious harm [6].Furthermore, the Privacy Act includes 13 Australian Privacy Principles (APPS), which governs standards, rights, and obligations around the collection, use and disclosure of personal information, an organisation’s accountability, integrity and correction of personal information; as well as the rights of individuals to access their personal information [21].
Other relevant legislation associated with cybersecurity includes: 

• The Crimes Act 1914 (Cth) 
• The Security of Critical Infrastructure Act 2018 (Cth)
• The Code (Cth)
• The Telecommunications (Interception and Access) Act 1979 (Cth)
• The Security of Critical Infrastructure Act 2018 (Cth) 
• Anti-Money Laundering and counter-Terrorism Financing Act 2006

The Corporations Act 2001 (Cth) – obligation to have adequate technological resources in place Under the Corporations Act 2001, all organisations within the finance industry are required to have adequate resources in place to ward off cyberattacks by keeping up to date with the latest cybersecurity compliance requirements. All organisations within the Finance Industry have policies and best practices regarding the management and mitigation of cyberattacks. The policies and best practices are implemented using the legal requirements discussed above as well as the cybersecurity frameworks and best practices. In addition to legal requirements, organisations can consider cybersecurity frameworks such as the essential 8, PCI DSS, ISO 27001, designed to diagnose threats and encourage organisations to adopt the best cybersecurity practices to plan for and mitigate cybersecurity threats whilst operating online. 
 

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