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Breach Reporting Transforming The Business Journey
September 2022
How are businesses positioned with the new Breach Reporting Regime?
Businesses are on a journey to improve their Governance and are preparing for the new Breach Reporting Regulation Transformation. An ambitious and complex regulation reform.
Jonovski Consulting collaborating with Industry and Business Experts at the SIAA Conference, insight was shared how Businesses, Regulators and Industry are planning for the new Breach Reporting Regulation Transformation. We summarize some of the interesting facts:
• Breach Reporting is a significant part of the Regulatory Regime.
• Breach Reporting Regime already in play and is inconsistently compliant.
• Coming out of the Royal Commission, there is an expansion and deepening of Breach Reporting regime and an increase in Breach Reporting for Businesses.
• Regulators have released regulatory guidance and working with Industry to administrator the legislation.
• Challenges in how Breach Reporting legislation is being interpreted by Businesses. It is important to understand the issues discovered for Breach Reporting and further guidance will be shared.
• During the month of November 2022, the Regulators are planning to publish data on what has been found from the Breaches Reported. The potential data trend and potential mitigation process follows:1. Assess the increase in Breaches discovered. 2. Resources to assess the Breaches, by the use of AI and the use of expert teams within the Regulators. 3. What to do with Breaches Reported and what has been learnt by the legislation and the reform. 4. Feedback from Industry on Breach Reporting data, to continue to move forward with the Breach Reporting Transformation.
• To get the full benefit of Breach Reporting and for a consistent approach; Regulatory Policy, Regulatory Enforcement, Regulatory Surveillance and Compliance standards will all be considered to be uplifted.
• Implementation cycles are required to get the Breach Reporting right and for Businesses and Industry to see the full benefits. Target time lines follow:1. Current cycle – Regime commences 1 October 2021 and ends 2022.2. Next year cycle - Regime will be a 12month timeline for the uplift of Breach Reporting and to be complete by 2023.
• Technology Innovation, Process and Procedures are fundamental for the Breach Reporting regime to work efficiently, consistently and to provide a common understanding of concepts.
• Collaboration is important between the Industry, Businesses, Financial Services, and Regulators to share and understand issues (legislation) raised for Breach Reporting. This collaboration will then support the implementation of remedial measures and proper Governance responses, which then leads to good Business.
At Jonovski Consulting, we work with entrepreneurs and businesses to deliver Business Transformation, Assurance, Technology and Transaction Services in a changing world.
Jonovski Consulting collaborating with Industry and Business Experts at the SIAA Conference, insight was shared how Businesses, Regulators and Industry are planning for the new Breach Reporting Regulation Transformation. We summarize some of the interesting facts:
• Breach Reporting is a significant part of the Regulatory Regime.
• Breach Reporting Regime already in play and is inconsistently compliant.
• Coming out of the Royal Commission, there is an expansion and deepening of Breach Reporting regime and an increase in Breach Reporting for Businesses.
• Regulators have released regulatory guidance and working with Industry to administrator the legislation.
• Challenges in how Breach Reporting legislation is being interpreted by Businesses. It is important to understand the issues discovered for Breach Reporting and further guidance will be shared.
• During the month of November 2022, the Regulators are planning to publish data on what has been found from the Breaches Reported. The potential data trend and potential mitigation process follows:1. Assess the increase in Breaches discovered. 2. Resources to assess the Breaches, by the use of AI and the use of expert teams within the Regulators. 3. What to do with Breaches Reported and what has been learnt by the legislation and the reform. 4. Feedback from Industry on Breach Reporting data, to continue to move forward with the Breach Reporting Transformation.
• To get the full benefit of Breach Reporting and for a consistent approach; Regulatory Policy, Regulatory Enforcement, Regulatory Surveillance and Compliance standards will all be considered to be uplifted.
• Implementation cycles are required to get the Breach Reporting right and for Businesses and Industry to see the full benefits. Target time lines follow:1. Current cycle – Regime commences 1 October 2021 and ends 2022.2. Next year cycle - Regime will be a 12month timeline for the uplift of Breach Reporting and to be complete by 2023.
• Technology Innovation, Process and Procedures are fundamental for the Breach Reporting regime to work efficiently, consistently and to provide a common understanding of concepts.
• Collaboration is important between the Industry, Businesses, Financial Services, and Regulators to share and understand issues (legislation) raised for Breach Reporting. This collaboration will then support the implementation of remedial measures and proper Governance responses, which then leads to good Business.
At Jonovski Consulting, we work with entrepreneurs and businesses to deliver Business Transformation, Assurance, Technology and Transaction Services in a changing world.
Steven is the Founder, Director & Principal, of Jonovski Consulting.Steven has a wide range of Financial Services and related industry experience in delivering global solutions for Customers in Australia, New Zealand, Asia, Europe and America.Prior to Jonovski Consulting, Steven held positions at Multinational Companies and worked with all levels of Management and supporting Teams.
For enquiries please contact Jonovski Consulting at info@jonovskiconsulting.com.au
Subscribe to Jonovski Consulting Insights at insights@jonovskiconsulting.com.au
Connect with Steven Jonovski on LinkedIn at linkedin.com/in/stevenjonovski
Subscribe to Jonovski Consulting Insights at insights@jonovskiconsulting.com.au
Connect with Steven Jonovski on LinkedIn at linkedin.com/in/stevenjonovski
The purpose of this communication from Jonovski Consulting is to provide industry insight (factual information) and not provide advice.
While all reasonable care has been taken in the preparation of this information, Jonovski Consulting take no responsibility for any actions taken based on information contained herein or for any errors or omissions. Interested parties should seek independent advice prior to acting on any information presented.
To the extent permitted by law we exclude (and where the law does not permit exclusion, limit to the extent permitted by law) all liability for any direct, indirect and consequential losses, damages and expenses incurred in any way (including but not limited to that arising from negligence), connected with any use or access to or any reliance on information contained in this communication.
While all reasonable care has been taken in the preparation of this information, Jonovski Consulting take no responsibility for any actions taken based on information contained herein or for any errors or omissions. Interested parties should seek independent advice prior to acting on any information presented.
To the extent permitted by law we exclude (and where the law does not permit exclusion, limit to the extent permitted by law) all liability for any direct, indirect and consequential losses, damages and expenses incurred in any way (including but not limited to that arising from negligence), connected with any use or access to or any reliance on information contained in this communication.
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