Dudley Kneller’s 2018 Tech Compliance “Hot List”
As the in-house, risk and compliance communities struggle to keep on top of emerging trends and compliance risks, new technologies, increased regulation and growing cyber threat will present continuing challenges (and opportunities) for Australian organisations in 2018.
Dudley Kneller, Partner at Madgwicks Lawyers and technology lawyer with a speciality in cyber risk and strategic sourcing, offers a 2018 “hot list” for Australian businesses to address:
Cyber breach events continue to increase in volume and sophistication
Hot off the heels of cyber breach events affecting the likes of Uber, Equifax and more closer to home, Red Cross and Medicare, 2018 is likely to see an upswing in cyber breaches.
The rise of robots, AI and machine learning
Whether it’s the introduction of machine learning to allow greater access to investment related advice as your “robo” adviser counsels you on your superannuation investments or whether you avoid awkward reverse parallel parking and get your car to do it instead, the rise of robotics, AI and machine learning is set to revolutionise our ways of working.
The introduction of mandatory breach notification laws
February 22 saw the introduction of mandatory data breach notification laws in Australia. It is a little early to say whether the new obligations will set off a wave of enforcement actions as the Information Commissioner seeks to make an example of a household name or whether there will be a period of relative calm as organisations roll out procedures which they already have in place to manage the additional requirements.
Blockchain, Bitcoin and all things crypto
A review of tech in 2018 would not be complete without some mention of crypto currencies and blockchain technology. For those prepared to embark on the roller coaster ride and absorb the volatility associated with currencies such as Bitcoin, Ether and Ripple, 2018 is likely to be a year of surprises.
The long reach of GDPR
With the introduction of Australian mandatory data breach laws as discussed above, there is already a lot to do around privacy compliance for Australian businesses. However, another compliance challenge awaits! The EU General Data Protection Regulation (GDPR) commencing on 25 May 2018 will likely apply to many Australian businesses who “control” or “process” personal data in the EU.