Australia's growing cyber insurance industry: insights from Chris Mackinnon, Lloyd's
Valeska Bloch, Partner at Allens, discusses cyber insurance with Chris Mackinnon, head of Lloyd's in Australia.
All organisations create, collect and use a multitude of different types of data. Information is perhaps the single most important asset for organisations as they innovate and grow.
Companies also require a careful and structured approach to the governance and protection of that data.
Data is one of our economy's most powerful unrealised assets. Using data in more dynamic ways can unlock great benefits as organisations learn more about their operations and clients.
At Allens, we understand this has to happen within clear and carefully drawn boundaries to ensure legal compliance is always at the forefront. This prudence is at the core of our Data Governance, Data Services, Privacy and Cyber Practice. It is also the reason for Allens' foundation membership of peak industry body Data Governance Australia.
Until relatively recently, the standard legal approach to the management of data has been to focus more on compliance and legal challenges than on the benefits and opportunities data can offer. We can help unlock the value of data as an asset and allow it to be used as a major transformative factor in our clients' businesses. We combine a multitude of different legal disciplines into our data practice to match our clients' needs and help them on that journey.
The Allens Data Governance, Data services, Privacy and Cyber Practice helps clients navigate this continually evolving area of law. The team advises on all aspects of the data lifecycle, from creation, collection, storage, security and use to exchange and commercialisation. We also advise when things go wrong and companies need to manage the consequences of data breaches.
Our team work across a wide array of legal fields including privacy, credit reporting, competition, corporate governance and securities law, intellectual property, financial services prudential standards, risk management and the reputational issues involved in data use. We also focus on all commercial contracting needs for the data services sector.
We advise in-house legal teams, chief data officers, CIOs and other C-suite members as well as the boards of companies.
Our services include:
- Data lifecycle advice
- Advice to boards and C-suites on the opportunity in data assets and best practice data governance frameworks
- Advice on data analytics, commercialisation and the development of combined data sets or products
- Privacy impact assessments and white papers
- Privacy policies and collection notices
- All aspects of the credit reporting regime in Part IIIA of the Privacy Act
- Intellectual property rights arising in data and databases
- Securities law issues relevant to the creation of non-public domain insights
- Competition law issues arising out of the control of and the provision of access to data
- Advice on de-identification and anonymisation techniques
- Direct marketing and telemarketing, Privacy Act, Spam Act and DNCR Act advice
- Personal Information access requests
- Advising on Office of the Australian Information Commissioner (OAIC) formal and informal investigation processes – both own-motion enquiries and investigations in response to complaints
- Cyber security: advice on best practice pre-emptive compliance steps
- Cyber security: advice on responding to and managing data security breaches
General Data Protection Regulation (GDPR)
The GDPR promises the biggest shake-up of European privacy laws for 20 years.
Allens Cyber Breach Hotline
Need advice on responding to and managing a data security breach? Contact a member of our team: Tel +61 2 9230 5300