Privacy, Data Protection and Your Business

  • December 20, 2019

Perhaps you think your business is too small to worry about investing in a formal privacy policy or a strategy to protect your clients’ and customers’ personal information. Perhaps you don’t think that the structure of your business model warrants investing in one. Or perhaps you are just unsure about what a privacy policy actually is and how to go about creating one.

The fact is that privacy and data protection laws today play a more important role in your business than ever before. Customers and clients are increasingly concerned about protecting their privacy and the cost to your business of not complying with the law is only increasing. Coupled with widely expected amendments to the Privacy Act due later this year, if your business doesn’t have a privacy policy now is a good time to think about investing in one.

Is it time for your business to consider a privacy or data protection policy?

The Commonwealth Privacy Act 1988 applies to all Australian businesses with an annual turnover in excess of $3 million. Businesses with annual turnover in excess of $3 million must adopt a Privacy Policy outlining to their clients and customers how they collect, use and disclose their personal information (defined by the Privacy Act). The policy must be clear and concise, up-to-date and reflect the Australian Privacy Principles governing how personal information is to be handled.

If your business has a turnover of less than $3 million per year, you may nevertheless still need to invest in Privacy Policy if your business,:

• Is a health service provider;
• Trades in personal information;
• Is a government contractor;
• Is a credit reporting body

Even if your business is exempt from complying with the Privacy Act and does not fall into one of the above categories, in today’s atmosphere of growing data and privacy concerns it is commercially sensible to nevertheless invest in one. As public attention surrounding the need to protect personal information and data continues to grow quickly, your business’ willingness to take a strong stance on protecting its’ client/customer privacy is no longer just sensible commercial practice but a positive selling point of differentiation.

If you have any questions about this article, would like to discuss a privacy policy as it affects your business or are seeking some more information, please do not hesitate to contact us on (02) 9525 8688.

greg_0

WMD-law

Greg Dickson
B.Juris. LL.M.
CEO & Accredited Specialist in Family / De Facto Law
Telephone: 9525 8688
Facsimile: 9526 2608
Email: greg@wmdlaw.com.au