Data Privacy And Security Is Critical For Business
As companies increasingly generate and become custodians of data, strong data protection and data privacy strategies are essential for corporate success. Data protection and data privacy are critical to keeping sensitive data safe.
While data privacy and data protection are interconnected, it is important to understand the difference between the two terms, their business impact, and best practices for mitigating data loss and compliance risks.
Data privacy, a subset of data protection, concerns who is authorized to access data. Data privacy fundamentally determines how data is collected, processed, and managed by organizations.
Organizations, especially those operating in highly regulated industries such as healthcare and financial services, must understand and comply with the growing number of data privacy regulations. According to recent studies, by 2024 the personal information of more than 75% of the world’s population will be covered by modern privacy regulations.
Businesses that fail to comply with patchwork data privacy regulations risk data breaches, fines, loss of trust and brand reputation, and operational disruptions. Today, compliance risk is increasing as regulators increase enforcement and crack down on organizations that fail to meet compliance standards.
What Is Data Privacy And Security For Businesses?
Data privacy, a subset of data protection, concerns who is authorized to access data. Data privacy fundamentally determines how data is collected, processed, and managed by organizations.
Organizations, especially those operating in highly regulated industries such as healthcare and financial services, must understand and comply with the growing number of data privacy regulations. According to a Gartner forecast, by 2024 the personal information of more than 75% of the world’s population will be covered by modern privacy regulations.
Given the expanded attack surface created by remote and hybrid work models and the increasing frequency and severity of cyber-attacks, data protection is especially critical for business continuity. According to the Identity Theft Resource Center’s Annual Data Breach Report, the number of data compromise incidents will reach 1,802 in 2022, affecting approximately 422 million people.
As data becomes more valuable and cyber threats continue to evolve, actively protecting data should be the main focus of every organization.
The Importance Of Data Privacy And Security
Data security is very important for businesses to ensure business continuity, prevent data breaches, and prevent unauthorized access. Considering that the business world has become largely digital and new technologies have been integrated into different business models, it can easily be said that data security is one of the most important agendas of companies.
“Data is the new oil.” Based on this statement, it is possible to say that data security is in a critical position in terms of the sustainability of economic activity and the profit potential of companies.
To avoid financial losses, fulfill their responsibilities to the public, and build trust, companies need to take the right precautions against cyber risks and make their entire IT infrastructure safe for both themselves and their stakeholders.
Companies in today’s business world are aware that their workflows may be seriously compromised if they cannot ensure data security.
Data Security Is More Important Than Ever
The latest annual report from the Data Protection Commission (DPC), the Irish oversight authority for the General Data Protection Regulation (GDPR), revealed that in 2022 the DPC concluded 17 Large-Scale investigations with administrative fines exceeding €1 billion.
In 2022, US regulators from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) fined banking institutions $1.8 billion for employees’ use of unapproved communications apps. Stricter enforcement of evolving regulatory frameworks requires organizations to develop a robust approach to data privacy that seeks to prevent unauthorized access to data.
It is important to educate employees on cybersecurity best practices and ensure they understand that cybersecurity is the responsibility of all stakeholders in an organization. Employee cybersecurity training is especially critical considering 82% of reported breaches involve the human element.
To minimize cyber risk, organizations should make it an ongoing practice to train their employees to recognize phishing scams and other threats, understand cybersecurity best practices, and understand the importance of following security protocols to comply with regulations such as KVKK and GDPR.
Ways To Ensure Data Privacy And Security
Protecting data in transit and at rest requires true end-to-end encryption (E2EE). To ensure data privacy, security, and compliance, E2EE locks down sensitive information, making it impossible for cybercriminals to intercept that data.
E2EE is one of the best cyber defenses against threat actors and is critical to business applications such as mobile messaging and collaboration technology. With the rise of remote and hybrid working, devices and data are increasingly moving beyond the company network, posing a wide range of security and privacy risks.
To minimize BYOD cybersecurity vulnerabilities, organizations should enforce the use of passwords with multi-factor authentication, require employees to use VPNs when working remotely, ban downloads of unapproved apps, and use messaging apps in unauthorized workflows.
Understanding the nuances of data protection and data privacy and how to proactively approach both can reduce the threat of data breaches and help ensure the success of today’s data-driven organizations.
Success Data Privacy And Security Examples
Malicious cybercriminals who gain access to any computer can access all kinds of data, from the institution’s main servers to financial data. In this way, they can damage the data or demand ransom in return.
According to the reports of cyber security experts, the rate of data security breaches is increasing every year. While there is no decrease in these increases, it can be said that easy targets that are vulnerable to cyber-attacks are becoming more preferred.
To ensure data security, you must even inform your employees to comply with data security elements and protect data security. With data security elements, you can prevent cyber attacks and restrict data access.
Here is an example of success in data privacy and security examples in business: Rubrik. The company’s goal is to simplify, automate, and modernize its customers’ data management processes.
Rubrik’s cloud data management solutions are designed to manage data hosted in the cloud. These solutions integrate with cloud storage services, facilitating operations such as backing up, recovering, and archiving data.
Rubrik also offers a cloud-based data management platform that allows heavy workloads to run on-premises or in the cloud. This platform allows you to manage your data, automate your data, and optimize your business processes from a single interface.
In addition to data management software, Rubrik also offers a variety of hardware and software products.
See you in the next post,
Anil UZUN