VTech Data Breach Shows How Vulnerable Customers Are
03 December 2015
As a business, you have a duty of care to your clients. Especially when those clients give you very sensitive personal information like the names of their children and where they live.
VTech, an electronic education toy company based in Hong Kong, had a massive data breach on November 14 where millions of records were stolen. Credit card and account information was not accessed however the names of children, their gender, birthdates, parents names and their home addresses were all accessed. This amounted to 200,000 cjildren worldwide - 18,000 of these children are Australian. It’s unthinkable what could happen if this information got into the wrong hands.
Cyber Risk Questions for Business
Risk management is vital when considering your business’s cyber security. Consider these questions?
- What data does your company actually need?
- And if you’re going to have such important data in your care, how are you going to ensure it remains secure?
- How are you going to consistently upgrade your IT systems?
- Do you have the right insurance in place should the worst-case scenario happen?
If you need help working through your risks, please call our risk management and insurance team at Austral. We’re here to help.