Boil the potatoes in a large pot of water for 10 minutes or until just cooked through (you don't want to overcook them or they'll go mushy!).
Drain the potatoes completely and them place into the fridge for 30 minutes - 1hr to cool completely.
Add the olive oil to a frying pan and cook the bacon over a high heat until crispy. Set aside.
Place the eggs in a small saucepan. Cover with cold water. Bring to the boil and then reduce to medium heat to gently boil for 10-12 minutes.
Drain the eggs and rinse them under cold water. When they are cool enough, peel and chop into 8 pieces. Set aside.
Finely chop the red onion and set aside.
In a small bowl mix the sour cream, mayonnaise and paprika together.
Place the cooled potatoes into a large serving bowl.
Add the bacon (reserving 1/4 cup to sprinkle over the top), egg and red onion.
Gently mix through the dressing until the potatoes are well covered.
Sprinkle the remaining bacon over the top of the salad.
Serve immediately or keep in the fridge until needed.