Businesses also need to protect their customers’ data and maintain their trust. If consumers feel at risk of having their personal information stolen or misused by a company, they may look elsewhere for products and services.
Different data protection technologies
Organizations are expected to comply with various data privacy regulations, which, if not followed, could result in various fines, penalties, and potential loss of reputation. Organizations must adopt advanced techniques and solutions to protect their data to avoid such risks.
Technology can help in many ways regarding a company’s data protection. A company can respond to threats more quickly and efficiently by restricting and monitoring access with specific technologies. To prevent any data breaches from happening, the following measures should be put into place:
Data Loss Prevention (DLP)
Data Loss Prevention, or DLP, is software designed to monitor activities related to sensitive data. Its main purpose is detecting, tracking, and monitoring activities and movement around sensitive data. Doing this helps prevent serious incidents such as data breaches, accidental data deletions, and data exfiltration.
Here are some common examples of companies using DLP:
- Financial institutions use DLP to protect customer data such as credit card numbers and bank account details. They also use it to detect fraudulent transactions, such as money laundering and identity theft.
- Healthcare organizations use DLP to protect patient health records and other protected health information (PHI). They also use it to prevent unauthorized access or disclosure of PHI under HIPAA regulations.
Identity & Access Management (IAM)
IAM is a system that verifies login credentials and permissions on selected systems. The technology allows access to the correct entity based on role-based access controls.
The technology enables flexible authentication processes, multi-factor authentication, security, session logging and management, and other features that prevent unauthorized access.
For example, AWS Identity and Access Management help you secure your AWS resources by providing an easy way to manage their permissions. Users can use IAM to create user accounts with specific permissions, and attach policies to those accounts that allow or deny access to specific resources. Users can then control which authenticated AWS customers have access to their AWS resources based on their identity.
Encryption is the process of encoding data so only authorized parties can access it. Encryption prevents anyone other than the intended recipient from viewing or modifying the data information.
Encryption is used to help secure other people’s systems from attacks. Regarding data protection, encryption is one of the most secure methods. Even if the data were stolen, it would be unreadable for anyone who doesn’t have the encryption key. That way, you can ensure the privacy of your data.
Some common types of encryption include:
Symmetric Encryption: Symmetric encryption is a type of encryption in which the same key is used for encryption and decryption. This means that both the sender and receiver must access the same key to communicate securely.
Asymmetric Encryption: Asymmetric encryption uses two keys (public and private) for each person communicating with one another. Only one person needs access to a public key to send securely. However, both people need access to their private keys to decrypt messages sent by their counterparts.
Here are some examples of companies using encryption:
- All major banks use encryption to protect customer information when they are conducting online transactions. Some banks even use it to protect customer data.
- Many cryptocurrency exchanges use encryption to protect their customers’ private keys. The most well-known example is Coinbase’s vault service for storing large amounts of cryptocurrency securely with encryption.
Tokenization is a data protection technology that replaces sensitive data stored in the system with a non-sensitive substitute value called a token. When a merchant requests to process a payment transaction, the token is passed through an encryption gateway where it is decrypted, validated, and processed as usual.
The token is not linked to the original data source, so it cannot be used to reverse engineer the original record. The replacement tokens have no meaning outside the system in which they are used. Tokenization can be used to protect not only payment data but also other types of sensitive information such as social security numbers and national ID numbers.
For example: When a merchant processes a customer’s credit card, the Personal Account Number (PAN) is substituted with a token. 1234-5678-4321-8675 is replaced with, for example, 28qofkfnak12912.
Endpoint Protection Platform (EPP)
The endpoint protection platform (EPP) is a set of technologies that work together to deliver real-time protection for every device in your infrastructure. EPP offers comprehensive security across the entire attack lifecycle, starting before malware has even reached your network and ending with detecting compromised devices.
The Endpoint Protection Platform uses multiple layers of security to stop threats before they reach your endpoints. It combines advanced threat protection with next-generation intrusion prevention technology that integrates across the entire attack lifecycle.
Here are some examples of industries using endpoint protection:
Healthcare: Hospitals use endpoints to protect patient information from being stolen or corrupted by malware. This prevents healthcare providers from suffering costly lawsuits and regulatory fines due to a breach in security.
Banking: Banks use endpoint protection to protect customer information from being stolen or corrupted by malware. This prevents banks from suffering costly lawsuits and regulatory fines due to a breach in security.
Firewalls serve as a barrier between your computer or network and the Internet. They can be software- or hardware-based and are used to block unauthorized access to your system.
A firewall is a software system or application that allows you to control what traffic can pass through the network. If a firewall detects suspicious activity, it will alert you and block the traffic.
Over 33,000 companies use the Cisco firewall, which helps them protect their networks against malware, viruses, and other cyber threats. The Cisco firewall uses stateful inspection technology that inspects traffic at Layer 4 and above, ensuring that no malicious traffic goes unnoticed by your data center.
Data erasure software
Data erasure software is the most common and effective approach to information security. It allows users to permanently remove sensitive data from hard drives, USB flash drives, and other storage media. Deleted files can be easily recovered using special software, which makes them vulnerable to unauthorized access.
Modern data erasure tools utilize multiple overwriting methods and algorithms to mitigate the data theft risk. They overwrite leftover fragments of deleted files with random or meaningless data, making it impossible for unauthorized users to recover them with special recovery tools.
Hospitals use data erasure software to keep patient records safe from theft or misuse by unauthorized personnel. This ensures that no one can access private medical information without the patient’s or doctor’s permission.
Tackle data privacy requirements the best way possible (top 5 tips)
Define the scope of data privacy policies
Defining what it means when you say “personally identifiable information” (PII) is important. Some companies may think it includes anything that could be used to identify someone, such as IP addresses and cookies.
Others may want to exclude things like IP addresses and cookie IDs. Make sure everyone is clear on what type of information is included in your definition of PII, so there aren’t any surprises later on.
Some of the common PIIs include:
- Social Security Numbers (SSN)
- Driver’s license number
- Passport number
- Email address
- Birth date
- Home address
- Telephone number (home or work)
Ensure minimum data collection
You must collect only the minimum personal data necessary for your business activities and operations. When collecting sensitive information such as medical records or financial details, you must ensure that the data is encrypted and stored securely.
Similarly, law firms such as Haun Mena which is a Maritime Injury Lawyers firm with such rigorous privacy policies for their clients. They only need basic information, such as a name, and phone number, to provide legal services. They don’t need more than that because they don’t sell any products or services online and don’t have any affiliate programs or partners that would require additional information.
Transparency is one of the most important aspects of data privacy. Organizations should ensure that they have systems that allow them to be transparent about what they’re doing with customer data. This can be done by offering clear terms of service and ensuring that customers know how organizations use their information.
Apple is one of the top companies that’s transparent about their privacy policies. Their products are very secure, and they’re a great choice for keeping your data safe. In fact, Apple’s customer privacy page explains what data they collect from their customers, how they use it, and what options you have if you don’t want your data to be collected by them.
Organize the data inventory
This is a crucial step for organizations to complete. It will help you to identify and understand what personal data you hold and why you are collecting it. It will also help you to know where your data is stored, whether on-premises or in the cloud.
The inventory should include all sources of personally identifiable information (PII) within an organization, including any third-party sources.
Data inventory can take many forms and be done in many ways. However, it must include all best practices for maintaining data inventory in order to be effective:
- Identify the types of data that exist within your organization.
- Organize this information into categories based on its type, such as financial information or customer information.
- Document all relevant details about each type of data asset (e.g., name, description, location).
- Include all systems that store or use this information (e.g., ERP systems or databases).
Training and Awareness
According to a PEW research survey, approximately 59% of US consumers don’t know how their data is collected or used. Data training and awareness are important for any business. Customers should be aware of the data they’re sharing and how organizations use it.
Every employee should be given proper training on how to keep data secure. The training should include best practices, common cyber threats, data privacy requirements, and relevant data security principles. In addition, employees should be aware of company policies on security and be held accountable for following them.
When it comes to data privacy, companies must exercise caution. It is essential to gain the trust of customers. With the increasing number of security breaches, there is more focus on data privacy. However, it may be too early to create a comprehensive framework.
Given the prevalence of regulations and security controls, businesses should develop strategies for managing data privacy risks. The last step is to make a plan to put your strategies into action. This will ensure you have a practical approach to effective implementation.