It's only a matter of time
The spectre of class actions for data breaches is looming over
Australian business.
Considering the pace at which these matters are unfolding
internationally, it is highly likely to be a case of when, not if,
similar lawsuits will be seen here.
In the US and Canada, in particular, class actions against
corporations following breaches of sensitive personal and business
data are increasing. Payouts to consumers and shareholders are
running into the hundreds of millions of dollars - a clear signal
Australian organisations should be moving quickly to mitigate the
risks. Class actions greatly magnify the financial and reputational
losses wielded by cyber breaches. Once a precedent is set here, the
floodgates will likely open. Exacerbating the impact on companies,
these events make headlines, diminish consumer confidence and
potentially send stock values plummeting, adding to the already
high cost of paying ransom demands and simply mopping
