Security

Data Privacy and Security for Business

Data Privacy and Security for Business

Data security focuses on systems in place to prevent malicious attempts from outside to access, steal or destroy data while data protection focuses on ethical and legal use and access to sensitive data. Privacy concerns the personal data of any individual interacting with your business, while data security concerns the way in which your business can be protected from unauthorized access and corruption.

Companies today risk violating data protection laws such as the California Consumer Privacy Act (CCPA) and EU General Data Protection Regulation (GDPR) because their security measures do not keep pace with the changing cyber risk landscape.

Companies are exposed to numerous data protection risks when collecting, processing, and storing personally identifiable information (PII). Financial companies are for example subject to the Payment Card Industry Data Security Standards (DSS) which force companies to take appropriate measures to protect user data.

Two-factor authentication, encryption of data files, and access to virtual private networks (VPN) are examples of data security measures that can help protect the sensitive information and identities of customers.

Know the law

Depending on the industry and state in which your business operates, there may be specific federal regulations by which you must abide.

The Health Insurance Portability and Accountability Act (HIPAA), which dictates the standards for medical information protection, or the Children’s Online Privacy Protection Act (COPPA), which defines the rules of collecting data from children under the age of 13, are two examples.

But legal obligations are not the only reason to invest in data privacy and security. Businesses with fewer losses caused by data breaches, optimized data processing, and making fully informed business decisions will reap the benefits of a strong data privacy culture, giving them a competitive edge.

Know your data

To start, make an inventory of any and all devices that will ever interact with your data, from the oldest fax machine to your employees’ mobile devices. While doing this, you will come in contact with the personal data of your employees, customers, and contractors some of which may be considered sensitive and may be subject to special regulations.

All collected data needs to be strictly categorized, to ensure you will meet both your internal and legal obligations.

Know about security resources

Depending on the size of your business, hiring a cybersecurity advisor may not be in the cards for you. Some starting solutions will be necessary, though, and are sure to outweigh the potential losses incurred as a result of a data breach.

Finding the right data privacy partner may be daunting, but based on the nature of your customer data, regulations, and storage methods, a solution can be found.

For instance, AWS cloud security will protect your digital data, and identify authentication, authorization, and accountability, while at the same time identifying, categorizing, and mitigating software vulnerabilities.

Know where everything is

If you collect and use data, you are legally obliged to protect it. Data protection laws oblige companies that handle personal data to keep records of how user data is obtained, who has access, and how it is sold or shared.

To ensure privacy, organizations need to understand how they can track and control things, such as who is authorized to access the data and where is it stored. When an organization is concerned about data security efforts, highly sensitive information should be prioritized because unauthorized disclosure or breach of such information can cause serious financial, legal, regulatory, and reputational risks.

Know how to recover

Unfortunately, there is no foolproof system, when human error is a factor. Data breaches will occur on occasion, despite your best efforts and so the question becomes – how will you bounce back?

A plan needs to be created and put through its paces for every possible breach scenario, including how the business will operate once the risk has passed and which legal action needs to be taken. Some elements your contingency plan should include are:

  • A precise definition of a breach
  • An action plan for handling said breach
  • A response team
  • A post hoc debriefing procedure

Conclusion

Data privacy and its safety are improving rapidly and gaining traction as businesses become liable for data breaches. No matter how big or small your business is, there is always room for improvement when complying with privacy legislation, and with the resources at your disposal, you will be able to protect both your clients’ data and your own business integrity.

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