The business world is brimming with sensitive information, which includes the records of clients and employees to proprietary research data and financial data. When sensitive information is compromised, it can cause huge financial losses as well as loss of trust and brand damage. Strong security and privacy practices can reduce the impact of a cyberattack by providing a solid foundation for an organization’s cyber strategy.

Privacy and security of data are often misunderstood but have distinct meanings. Data privacy is concerned with protecting the rights of individuals by organizations adhering regulations and business practices. Data security is about protecting the data from external threats.

Data privacy is the process of informing individuals about the purpose and time of when their personal information is collected and obtaining consent, while restricting the scope of data collection and only using what is required for its intended purpose, and ensuring that the users have access to their personal data and the ability to correct or erase it. Privacy protection policies also require the use of encryption, passwords and other security measures in order to ensure that only authorized users are able to access the data.

In addition, it is important to provide education and awareness to employees and customers about security of passwords, phishing and social engineering techniques to minimize the chance of breaches due to human errors. Monitoring and backing up data as well as monitoring backup processes to identify and repair any issues is another essential aspect of data protection. This will ensure that data can be restored if it is corrupted or unavailable due to a system malfunction, natural disaster, or cyberattack.

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