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We are living in a time when the internet has become an integral part of our lives — both on a personal and professional level.
You can send off a text in a matter of a few clicks. You can have real-time access to your company’s analytic dashboards. You can easily post to social media to share your message with the masses.
Technology is a powerful tool. No doubt about that.
But, with the immense amount of data circulating the digital realm, we need to reflect on what it means for the future of businesses.
As a company, how can you embrace the digital transformation age — without letting your confidential data get into the wrong hands?
The answer is data privacy.
What is Data Privacy?
Data privacy is the right to control how your information is used, stored, and shared. Data privacy is also the way in which third-party sites like Facebook, Google, and other data-collecting sites must handle confidential data in accordance with the law — because unfortunately, data privacy has become a growing concern over the past decade.
As a business, you have to be careful about protecting not only your data but also your customer’s data as well.
Your business’s data is called Business Identifiable Information (BII) while your customer’s data is called Personally Identifiable Information (PII).
Examples of BII and PII include:
- Name
- Address
- Phone
- Banking Information
- Credit Card Information
- Biometric Data
- Other Private Information
All of these forms of data are forms of private information that you want to keep away from hackers and completely secure against the threat of identity/data theft.
Want to know if your business is vulnerable to cybercriminals? Take our Cybersecurity Vulnerability Quiz to find out.
Why is Data Privacy Important
Data privacy is important because, without it, hackers and other criminals can have access to confidential information that they should not have access to.
Some of the top reasons why data privacy is important includes:
- It Gives You Control Over Data
Data privacy is important as a business because it gives you control over your company’s data. It allows you to determine who can access what information and what they can do with it.
If you were to allow every employee to have access to company data, you may wind up with leaked information and a privacy issue that seems beyond control.
- It Instills Trust in Your Customers
Customers don’t like having their personal information exposed and shared without their consent or knowledge, so they may be less likely to do business with you if they think their personal information will be shared without their permission.
They also may choose not to use your products or services if they feel like they will be spammed by third-party companies using their personal information for marketing purposes — and this could lead to less revenue for your business overall.
- It Ensures You’re in Alignment with the Law
If your company doesn’t have strong data privacy practices in place, it could be vulnerable to lawsuits, fraud, and government fines that may cost your company 2%-4% of your company’s revenue — depending on the severity of the case. The fines are determined by your cyber history, intention, and damages suffered.
5 Ways to Secure Your Company’s Data
In a world where nearly everything is online, it’s easy to forget that our digital footprint is a lot more invasive than we think. We’re connected to our laptops and phones 24/7, which means they hold a lot of our personal information.
Data privacy is an extremely important topic — especially for businesses. We talked about what data privacy is and why it’s important, but how can you protect company data?
Here are five ways to protect your data as a business:
1. Run a Cybersecurity Audit
By running a cybersecurity audit, you can ensure that there are no possible cybersecurity threats that can fall through the cracks. You’ll be able to identify vulnerabilities in your system and create solutions to fix them before they become serious problems.
2. Create a Cybersecurity Strategy
After running an audit, you will now want to create a cybersecurity strategy (if you don’t have one already.) This should include how you plan to secure your company’s data, how often you will test those security measures, and what action you will take if they fail.
3. Educate Your Employees
Your employees are the heartbeat of your company, and if they aren’t up to speed on cybersecurity protocols — they may accidentally be the reason behind a cybersecurity breach.
That’s why you need to offer training: not only will you create an environment where your employees feel comfortable talking about cybersecurity issues; but it will also help ensure that they know what they’re doing when they interact with sensitive data online.
4. Get Cybersecurity Insurance
One of the most important ways to protect your digital footprint is through cybersecurity insurance.
Cybersecurity insurance covers costs associated with recovering from a cyberattack such as ransom payments, loss of business revenue, and legal fees. It also covers losses incurred from data breaches like stolen customer information or intellectual property theft.
5. Partner with Cybersecurity Experts
The last way that you can protect your business from a data breach is by partnering with a cybersecurity team that knows how to identify and mitigate cyber threats — before they become a larger issue.
From defending your business against cyber threats to being your “go-to” source for everything related to cyber protection, teaming up with a cybersecurity team is one resource you don’t want to overlook, especially as the world and technology continue to evolve.
Protect Your Livelihood. Secure Your Data.
It’s a well-known fact that cyber risks are everywhere, and it’s how you respond to those threats that will dictate the future security of your business. From offering in-depth privacy training to having an IT team that specializes in fraud detection and mitigation, there is no shortage of steps to take to ensure that your business, customer, and employee data is cyber threat-free.
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