Security and privacy are two of the most crucial elements in a company’s risk management strategies. Together, they safeguard sensitive information while ensuring it is always available. In the event of a breach of data businesses could face serious risks. They may also lose valuable assets. Data security helps ensure the integrity of data while privacy policies set standards for when and how personal information is collected and used.
In the current technological age companies have access to an abundance of consumer data. Many consumers are concerned about how their personal data will be used and if it will be protected. A single data breach could end years of trust and generate negative publicity which could hurt businesses over time. Companies that place a high value on data security and privacy will earn the trust of customers and gain a competitive advantage.
Data privacy, also referred to as information privacy, is about the proper use and storage of data. Privacy in data is the right of individuals to control what information is stored, how it’s utilized, who has access to it and when they are able to share it with others. In most cases, privacy is dealt with by government and industry regulations like the GDPR in Europe or the California Consumer Privacy Act in the United States. Privacy protection includes compliance with laws and regulations, as and ensuring that data is secured and encrypted at all times.