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 requires a solid infrastructure and security controls, monitoring and policies that are well-thought out. In addition, organizations may have to deal with multiple types of privacy regulations at different government, industry and regional levels. This can make data privacy challenging and requires regular risk assessment and periodic updates.
Data privacy permits individuals to have control over the way their personal data is gathered, stored and used. It allows companies to build trust, maintain ethical practice and drive innovation whilst preserving the autonomy of individuals. Data privacy is vital for safeguarding personal information, creating trust, adhering to laws and regulations, ensuring business continuity and preventing cyberattacks that threaten the bottom line.
Data security protects sensitive data against the risk of unauthorized access, loss, or theft over the course of its life. It involves practices and processes like encryption, hashing and tokenization to guard data at rest and in motion. It also involves authentication processes and authorizations that check the identity of an individual to determine if they’re authorized to access data. Multi-factor authentication, as an example will ensure that only authorized individuals are able to access sensitive data. Additionally, encryption can stop malicious actors from gaining access to sensitive files by rendering them illegible. This can reduce the chance of a data breach, and help protect confidential communications, intellectual property or negatively impacting data analytics. Despite its importance to businesses, they often overlook the importance of data security and fail to invest enough resources into it.