The Importance of Data Security and Privacy Protection

As companies embrace remote access, bring-your-own-device (BYOD), the Internet of Things and other technologies, it becomes increasingly hard to keep data private. Data storage and management require robust infrastructure, strong security measures, extensive monitoring and well-considered data governance policies. Additionally, companies will have to manage multiple types of privacy regulations at different industries, government and regional levels. This can make data privacy challenging and requires a regular risk assessment and periodic updates.

Individuals have the ability to control how their personal data is stored, collected, and used. It assists companies in establishing trust, uphold ethical standards and drive innovation whilst preserving the autonomy of individuals. Data privacy is essential to safeguarding personal information, creating trust, complying with laws and regulations, maintaining business continuity and preventing cyberattacks which could threaten the bottom line.

Data security is the process of safeguarding sensitive data from unauthorized access, theft or loss throughout its lifecycle. Data security is a process and technique such as encryption, hashing and tokenization to protect data at rest as well as when it is in motion. It also includes authentication and authorization processes that verify an individual’s identity to determine whether they have access to data. For example the requirement for multi-factor authentication could help ensure that only authorized employees can access your business’s sensitive data. Also, encryption makes it difficult for threat actors to read confidential files. This can decrease the risk of a breach and protect damage to intellectual property and confidential communications, or impact data analytics. Businesses often underestimate data security’s complexity and don’t invest enough resources into it, despite its importance.

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