Data is among the most valuable assets of any company. Cyberattacks and data breaches are on the rise, making a solid data security strategy even more vital than ever. A robust data security plan protects data from any unauthorized access, which can result in devastating consequences, such as costly recovery and forensic costs, lost productivity and reputational damage, compliance fines and permanent loss of trust among customers.
A solid data policy should incorporate best practices, such as encryption, to safeguard sensitive data when it is in transit and in rest. It will also include authorization, authentication, user authentication and access management. It also involves the monitoring of potential threats to the security, integrity, and accessibility of information.
Data security is also a key component of identifying and categorizing data according to its sensitiveness. This helps organizations make their security efforts more effective. For example, low-sensitivity data is able to be shared with the public, while high-sensitivity information should be restricted to specific users in order to avoid catastrophic consequences should it be damaged or destroyed.
Data security is a concern for all businesses regardless of size. This is especially relevant in light of the growing complexity and frequency of cyberattacks as well as regulatory requirements like the EU’s General Data Protection Regulations (GDPR), California Consumer Privacy Acts (CCPA) and Payment Card Industry Data Security Standard. A strong data security system is crucial for many reasons, including protecting customers from identity theft as well as meeting the legal and compliance requirements for specific fields or in a particular geographic area.
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