The world of business is full of sensitive information from customer and employee records to research conducted by proprietary researchers and financial data. When sensitive data is compromised, it can cause huge financial losses, loss of trust and brand damage. Security and privacy practices that are well-established can reduce the impact of a cyberattack by providing a solid foundation for a company’s cyber-security strategy.

The two concepts of security and privacy are often confused, but they have different meanings. Data privacy is concerned with protecting an individuals rights through businesses adhering to regulations and business practices. Data security is about protecting the data from external threats.

Data privacy focuses on informing people of the reasons and when their personal information is being collected and obtaining consent, while restricting the extent of data collection, and using only what is required for its intended purpose, while ensuring that users have access to their information types of private equity the basics and the ability to rectify or erase it. Privacy protection policies also require the use of encryption, passwords and other security measures to ensure that only authorized individuals have access to the data.

Additionally it is crucial to provide training and education for employees and customers regarding security of passwords, phishing and social engineering techniques to reduce the chance of breaches due to human errors. The process of backing up data and monitoring backup processes to detect and correct any issues is another vital aspect of data protection. This will help ensure that data is reusable when it is damaged or unaccessible due to any reason, for example a system outage or natural disaster, or cyberattack.