Posted by Elizabeth Gore-Jones
on 4 September 2024
As Australian businesses brace for major updates to the Privacy Act in 2024, small-to-medium enterprises (SMEs) will face new challenges in managing customer data. One of the most significant changes is the removal of the small business exemption, which means that businesses with turnovers under $3 million—currently exempt from privacy compliance—will now be subject to the same regulations as larger entities.
The anticipated overhaul of the Privacy Act aims to bring all businesses into the compliance fold, reflecting a shift towards stricter data protection standards. The government has signaled a phase-out period, but it would be wise for SMEs to start aligning their privacy practices with these upcoming requirements now. This proactive approach not only mitigates risks but also builds customer trust, offering an opportunity to enhance long-term growth.
For many SMEs, the idea of developing a compliant privacy program might seem overwhelming. Engaging with privacy experts early on is crucial. A tailored privacy program—comprising internal policies and procedures—can help businesses navigate these new regulations efficiently. By identifying compliance gaps and implementing effective solutions, businesses can better protect sensitive customer information and align with industry standards.
Moreover, while Australia’s privacy laws evolve, SMEs with international operations must also consider global best practices. Learning from the data protection strategies of businesses operating across multiple jurisdictions can offer valuable insights for adapting to stricter regulations.
If your business needs guidance on building a robust privacy program or navigating the complexities of new privacy laws, The Franchise & Business Lawyers is here to help. Contact us today to ensure your business stays ahead of regulatory changes and maintains the highest standards of data protection.
