As the world is becoming more digital, we have increased the use of technology and organizations started collecting more and more of their customers/client’s data. For every organization, this sensitive and valuable data is very important as it helps in understanding the client in a better way. As this data is very important for an organization, it becomes their responsibility to secure the data and protect it from unauthorized access and any data breaches.
Let us discuss in detail about data security and its best practices.
Data security is the practice and technology of protecting the sensitive and valuable data of users/clients such as personal or financial information stored in the organizations. Any failure can result in a data breach or data stolen by cybercriminals.
A data breach is a security incident that can cause destruction, loss, alteration, or disclosure of personal data and may result in significant harm to the database stored in the organization.
There are a variety of reasons to implement data security in an organization:
Keeps your information safe: The most important factor of data security is that it keeps your data/information safe and secure from unauthorized access. Information such as personal data, financial information, personal login details, etc.
Enhances brand reputation: Most business organizations try to be socially responsible companies in the global market so that they can attract investors and other business partners. That is why a company’s reputation is very crucial for long-term success. The organizations that are responsible for data protection and controls the security measures effectively can build confidence among stakeholders along with their customers. Thus, the organizations that have effective data security measures can build the trust of the customers/clients and their brand reputation in the global market.
Cost effective: if effective security controls are implemented at a very early stage, then the organization’s data and information are well secured from unauthorized access. Therefore, an organization is saving costs resulting from the data breach.
Helps to meet Security Standards: Companies Nowadays must meet security standards and maintain compliance with national and global reputations and make sure that their customers/clients’ data is secured and protected from cybercriminals.
There are different categories of data that have different degrees of sensitivity. The volume of risk associated with data depends on the level of its sensitivity. The more sensitive the data, the high will be the risk associated with it. Therefore, getting a proper understanding of the nature of data is very important before/while implementing any data security control.
As cybersecurity and information security require professional expertise, therefore it is very important for organizations to adhere to industry best practices to make a choice about appropriate security controls.
Local and international security standards should also take into consideration by the organizations such as:
There are different types of online threats that come from within the organization. The level of control required depends on the type of threat that occurred. Therefore, organizations need to employ tight controls on the threats that are highly impactful in nature especially when the data is more secured. Conversely, less sensitive data may require less control.
There are 2 types of security threats: Internal threat and external threat.
Internal threats: threats that occur within the organization such as:
External threats: external threat occurs when an entity makes an effort to gain unauthorized access to the sensitive data of the business organization, such as:
When a security incident occurs, your data security solution should have the ability to restore the sensitive data promptly on time whether physical or technical. It also has the ability to stop outsiders from unauthorized access to sensitive data.
Organizations need to consider the implementation cost related to the security control as it does not have to be over expensive.
Implementing appropriate security controls is an important and primary requirement for privacy laws. Any failure will lead to data leak or unauthorized access as well as a loss of trust and confidence of the consumers/clients. Therefore, organizations need such security measures to prevent potential data incidents or loss of data.