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 solid infrastructure, strong security controls, a thorough monitoring and well-thought-out policies for data governance. Additionally, companies might have to comply with various privacy regulations at different industries, government and regional levels. This makes achieving data privacy difficult and requires regular risk assessments and updates.
Data privacy permits individuals to be in control of the way their personal data is collected, stored and used. It aids companies in building trust, ensure ethical practices and foster innovation while maintaining the autonomy of individuals. Data privacy is crucial for protecting personal information, establishing trust, adhering to laws and regulations, ensuring business continuity and preventing cyberattacks that threaten the bottom line.
Data security guards sensitive information against unauthorized access, loss or theft throughout its lifetime. It involves procedures and practices like encryption, hashing and tokenization to protect data at rest and in motion. It also includes authentication processes and authorizations that verify an individual’s identity in order to determine if they’re authorized to access data. For instance the requirement for multi-factor authentication could ensure that only authorized personnel have access to your company’s sensitive data. Also, encryption makes it difficult for threat actors to read sensitive files. This can decrease the likelihood of a data security breach and help protect confidential communications, intellectual property, or negatively impacting data analytics. Despite its importance to businesses, they often underestimate the complexity of data security and fail to invest enough resources in it.