As companies embrace remote access, bring-your-own-device (BYOD), the Internet of Things and other technologies, it becomes increasingly hard to keep data private. Data storage and management requires a secure infrastructure security controls, monitoring, and policies that are carefully thought-out. Additionally, companies might have to comply with various privacy regulations at different local, regional and government levels. This makes achieving data privacy difficult https://indexdataroom.blog/types-of-private-equity-the-basics and requires regular risk assessments and updates.
Data privacy permits individuals to control the way in which their personal information is stored, collected and used. It helps companies build trust, keep the highest standards of ethics and foster innovation while preserving the autonomy of individuals. Data privacy is vital for protecting personal data, building trust and adhering to regulations, laws and business continuity.
Data security is the process of protecting sensitive data from unauthorized access, theft or loss throughout its lifecycle. It involves processes and practices such as encryption, hashing, and tokenization to secure data both in motion and at rest. It also includes authorization and authentication processes that verify an individual’s identity to determine whether they are able to access data. For example using multi-factor authentication may help ensure that only authorized individuals can access your business’s sensitive data. Encryption also makes it impossible for hackers to access confidential files. This can lower the likelihood of a data security breach and prevent damage to confidential communications, intellectual property, or adversely affect data analytics. Despite its importance, companies often overlook the importance of data security and fail to invest enough resources into it.