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July 2017 Edition: India and Australia
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In June 2016, the Reserve Bank of India (RBI) released an advisory for the Cyber Security Framework in Banks. The framework poses a potential challenge to Indian banks to adhere to, hence seeking professional help will be expected. As such, business opportunities arise for the cyber security industry, especially for the Professional Security Services (PSS) and consulting firms. These provide advisory services to banks so that they adhere to the key requirements set out by the RBI in this framework. In February 2017, the Privacy Amendment Act 2017 was passed by the Australian government. Under the amended Privacy Act, eligible data breaches faced by an entity should be reported to the commissioner, and affected individuals must be notified unless remedial actions are taken. Growth opportunities for the cyber security consulting, law and cyber insurance sectors will be expected before the official commencement of the amendments, expected to be 22 February 2018.
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