Data is one of the most valuable assets a business owns. And while the information collected by companies can make their products and services more efficient, powerful and effective, it can also pose significant risks when abused by cybercriminals. The repercussions of this abuse are widespread and can jeopardize intellectual property, diminish a company’s competitive edge and tarnish its reputation among clients and stakeholders.
That’s why protecting the privacy of this resource is paramount. Whether it’s personal information, sensitive corporate data or customer and user records, organizations must safeguard this important asset with strict protocols and innovative security technologies.
A key aspect of data privacy is establishing a clear purpose for any data collection, sharing or retention effort and communicating that to users. It’s also important to ensure that any personal data is collected and kept only as long as necessary for its stated purpose. This is the foundation of laws such as GDPR, CCPA and HIPAA that require businesses to be transparent with their data collection practices and empower individuals to control their data.
Additionally, companies should incorporate security and privacy considerations into their internal processes and design user interfaces to reinforce these protections. This helps to mitigate external threats, such as malware and phishing, that can steal or manipulate data. It can also minimize risk of unauthorized access to systems and resources by strengthening authentication and authorizing access only to those who need it for their job duties.