The world of business is full of sensitive information, from client and employee records, to proprietary research data and financial data. If sensitive information is compromised, it can result in massive costs including loss of trust and brand damage. Security and privacy practices that are well-established can help minimize the consequences of a breach by providing a solid foundation for a company’s cyber-security strategy.
Data privacy and protection are often misunderstood but have different meanings. Data privacy concerns protecting an individual’s rights through organizations adhering regulations and business practices. Data security is concerned with protecting data from threats external to it.
Data privacy is about informing users when and why they are being collected, obtaining their consent, restricting the to the extent of data collection and only utilizing data needed for the intended purpose. It is also about making sure that the user has access to their personal information and is able to correct or erase them. Privacy protection policies also require encryption, passwords, and other security measures to ensure that only authorized users can access the data.
In addition it is essential to develop training and awareness for both customers and employees about security of passwords, phishing and social engineering techniques in order to decrease the chance of breaches due to human errors. Another important element of security is backup of data and monitoring the backup processes to identify any problems. This will ensure that data can be restored in the event that it becomes corrupted, or not accessible due to a system failure, natural disaster or cyberattack.