Data Loss Prevention (DLP): The Silent Killer of Your Business
The consequences of data loss have never been higher; data must be shielded at all costs. So, this blog provides more information on the prevention of data loss. What is Data Loss Prevention? Data loss prevention (DLP) is the process of detecting and preventing data breaches, exfiltration, and even misuse by using cybersecurity strategies, processes, and technologies. The root of this equation is data; it’s a common factor for all businesses and organisations worldwide. What’s it used for? A typical organisation (business or not) keeps client data—personal, sensitive, etc., for record keeping, transaction processing, marketing, and competitor analysis. Cybercriminals use this data for varying reasons, majorly money-driven. While organisations keep them for ease of business and eventually increased profitability, cybercriminals make money off data through financial frauds, identity thefts, etc. The landscape further worsens with each technological advancement. Now, thousands of authorised users access the company’s database through cloud and on-premises facilities. Therefore, there’s a need to implement strategies to prevent data loss. With DLP, organisations detect data threats faster than usual. How? It tracks data throughout the system and implements security policies on that data. Organisations typically use DLP to: Why is Data Loss Prevention Important? Data is never safe; it doesn’t matter if it’s in use or at rest, making data protection and security complicated. Despite the stress, data loss prevention is the best step. Why? The costs of data loss surpass the technicalities of its prevention. According to the cost of a data breach report by IBM, the average cost of a data breach reached USD 4.88 million, a 10% jump from the previous year. Protecting data, particularly personal identifiable information (PII), became more difficult because data may be used and stored in several formats in multiple locations across various departments. Therefore, there’s a need to monitor each data point and enforce the necessary policy for it. Given the vulnerable nature of data, an ideal data loss prevention system must be able to monitor data when Types and Causes of Data Loss Data loss is often defined as events of data breaches, data leakages, or data exfiltration. Though used interchangeably, these terms have distinct meanings. Data breach: A data breach is any incident that leads to unauthorised access to data. Under this, we have cyberattacks and other incidents that allow unauthorised access to sensitive information. Data leakage: Like the name leakage, data leakages include accidental exposure of sensitive information to the public. This can occur from procedural security errors from both electronic and online transfers. Data exfiltration: This is any theft where the attacker (hacker) successfully moves stolen data to a device under his control. Data exfiltration cannot occur without a breach or leakage, but not every breach/leakage leads to exfiltration. Since data loss has been defined and categorised, let’s see its causes There are 3 Common Causes of Data Loss Cyberattacks Malicious actors target data all the time—relentlessly. To help their cause, they employ several techniques such as phishing, malware, and ransomware. These are the prevalent types of cyberattacks Insider threats Authorised users, such as staff, third parties, stakeholders, providers, etc., might put data at risk through carelessness and malicious intent even. It’s as simple as not updating passwords or even carelessly revealing sensitive enterprise data, etc. while using public networks. Malicious or not, insider threats remain very costly considering IBM’s report. Smartphone or PC theft An unattended device attracts thieves. It doesn’t matter if the thief pawns off the device; the organisation suffers the cost of cutting the stolen device off and replacing it. On a serious note, such incidents grant malicious users direct access to confidential or sensitive data. Data Loss Prevention Policies One thing about DLP is the wide coverage, from data classification, access control, and encryption standards to technical controls. With data loss prevention policies, the standard is clear: employees know their duties regarding data protection and security. In addition, it allows for proper staff training on data security best practices such as threat identification, data handling, and incidence reporting. Also, rather than a generalised security approach, with DLP, data is classified, and implementing appropriate security protocols for each group becomes easier. For example, handling PII (personally identifiable information), such as credit card numbers, social security numbers, etc., is subject to certain data security regulations. Meanwhile, the company can choose to do whatever with its own intellectual property (IP). These types of data require different security procedures; hence, tailored DLP policies are necessary. The Types of DLP Solutions It’s important to understand the different facets of data loss prevention for better comprehension. There are 3 types of DLP: Network DLP Network DLP solutions monitor how data moves through—in and out—networks. With tools like artificial intelligence (AI) and machine learning, they flag anomalies that signal data loss in a network. Although network DLP solutions monitor data in motion, many check data in use or at rest too. Endpoint DLP Endpoint DLP tools monitor data use activity on laptops, mobile devices, servers, and other devices accessing the network. These solutions are directly installed on the devices and even go the extra mile to block unauthorised data transfers between devices. Cloud DLP Cloud security solutions focus on data stored in and accessed by cloud services. They scan, classify, monitor, and even encode data in cloud repositories. Particularly, these tools help implement access control policies on individual end users and any cloud services that might access company data. How DLP Works DLP is typically a 4-step procedure for many security teams. The steps are:
All You Should Know About Fintech Cybersecurity
Cybersecurity is the practice of protecting data, computers, servers, mobile devices, software, and all other hardware from malicious attacks. One thing is sure: the most valuable resource in today’s world is data, and it’s a justified fact. One look at the world, and we see an unfathomable evolution—digital transformation. Every industry has begun to embrace the digital space, and financial institutions are not left behind. While we welcome the collaboration between technology and the financial industry, there’s a need to stay on top of the challenges it brings. So, as an individual who finds mobile payments lifesaving or a fintech startup trying to prevent cyberthreats, this article is for you. Read on for the importance of cybersecurity in fintech, the challenges it faces, and the best practices to encourage it. Cybersecurity in Fintech: The Landscape Over the last few years, business as we know it changed, especially the financial industry. The fusion of finance and technology has changed everything. But the dangers increased just as much. When it comes to cybersecurity, the fintech industry can be described with one word, “sensitive,” and its synonyms. Why? To carry out financial transactions on behalf of clients, sensitive data like credit card details, account balances, and pins needs to be stored. Now, cybercriminals attack fintechs for these data—it’s that important. And the modus operandi of these malicious actors do not remain stagnant. They constantly come up with newer and better technology that outsmart whatever defence fintech companies use. All thanks to AI and self-learning software. So, what are Fintechs doing about it? According to Gartner, 75% of companies intend to adopt new solutions that combat the growing global cybersecurity issue caused by new technology challenges. Fintech companies now embrace new cyber solutions and establish partnerships to strengthen their systems against online attacks. Although the careless attitude of employees constitutes some of the chinks in cybersecurity in fintech, fintech employees are part of the most cyber-aware among other industries. To combat the loose-employee side, fintech companies now support cybersecurity with new and better ID solutions. So, let’s move to the fun part. Importance of cybersecurity in Fintech To start with, cybersecurity in fintech serves as a shield for invaluable financial data such as personal information, account details, and transaction details. The consequences of a data breach in the industry can be catastrophic, going beyond identity theft and financial fraud. Implementing cybersecurity is not just a luxury but a necessary practice. It’s important to keep the trust users place in these institutions. When a data breach occurs, fintechs face massive reputational damage, the likes of which they might never recover from. It’s a case of “once bitten, twice shy.” Victims of financial fraud will never trust the institution anymore. To prevent eventual shutdowns due to customer migration and legal consequences, implementing cybersecurity in fintech is crucial. In addition, there’s a need to note that each individual fintech company’s part of a larger network. So, a successful cyberattack in one company is detrimental to others in the industry. To prevent a chain reaction, cybersecurity is best established. The challenges to cybersecurity in fintech Here’s a list of things that make cybersecurity more than a walk in the park Data breaches A data breach occurs when an unauthorised person gains access to personal and sensitive data. This can trigger negative consequences due to the nature of the breached data. For instance, there’s credit card fraud, where cybercriminals clear the victim’s account. And identity theft, when malicious actors perpetrate evil with the victim’s identity. As a fintech company, you must ensure adequate cybersecurity to prevent such occurrences. If not, the consequences will be dire. Insider threat An isider threat is a security risk to data that comes from inside the organisation—the staff. While fintech employees are more aware of cybersecurity than other industries, they aren’t perfect. According to research by the think tank EndPoint Ecosystem, a little over 50% of finance workers believe security policies restrict the way they work, and 49% confess to finding a way to work around their security policies. This shows how much insecurity surrounds data in the fintech world. New technologies The emergence of sophisticated technologies heralds progress and spells doom at the same time. Yes, some technologies are welcome, like the blockchain. Blockchain technology provides a decentralised and immutable ledger that can improve the security and transparency of financial transactions. But other technologies like AI and IoT increase the vulnerability of cybersecurity in fintech to cyberthreats. For example, IoT devices serve as an entry point for cyberattacks, while AI-powered attacks easily find loopholes in the security system. With these, fintech companies best implement authentication and other access control methods to guard up. Compliance with regulations There’s a host of data protection regulations out there, and fintech companies are bound to a few of them. Some of the key data regulations include the General Data Protection Regulation (GDPR), the Payment Card Industry Data Security Standard (PCI DSS), and the Federal Information Security Modernisation Act (FISMA). Non-compliance with these data regulations results in harsh penalties—either monetary fines or outright shutdowns. Now, GDPR compliance does not come cheap; it has some particularly expensive requirements, such as hiring a Data Protection Officer and conducting DPIAs (Data Protection Impact Assessments). The cost of compliance poses a challenge to cybersecurity in fintech, especially startups. Third-party risks Third-party vendors help the fintech industry a lot, especially startups who need to outsource services. Yes, they offer lots of assistance, but they bring additional risks to cybersecurity in fintech. Some third parties may not ensure adequate security against cyberthreats, and any fintech doing business with them becomes vulnerable. The way forward is to make sure to outsource tasks to third parties with adequate cybersecurity measures in place. Best practices for cybersecurity in fintech Since we know the common cybersecurity threats in fintech, now’s the time to learn how best to prevent them and limit their impact. Here’s a list of the best cybersecurity practices for fintechs. Conduct regular audits Regular security audits will help you identify and
GDPR Consent Statement: What It Is and How to Write One
Consent is an important part of human society, particularly the modern one. Whether it’s using a friend’s property or establishing an amorous relationship, “yes” matters a lot. Let’s link this back to data protection. Since it’s implementation, the GDPR places value on consent. This blog post gives answers about consent under the GDPR, what a GDPR consent statement is, and how to write one. What is a GDPR consent statement? In cases where organisations need to obtain consent, it’s vital that the clients or persons are informed. To do that, a GDPR consent statement becomes necessary. A GDPR consent statement is a clear declaration by organisations to get consent from individuals before collecting, processing, and storing their data. This is in accordance with the General Data Processing Regulation (GDPR). What is the GDPR? On may 25, 2018, the European Union decided it was time to toughen up data protection. And so the GDPR came to be. The General Data Protection Regulation (GDPR) is the most comprehensive law for data protection in the world, with many adaptations of it. For example, the NDPA (Nigerian Data Protection Act) The goal of the law is to grant data subjects (owners of data) more control over their data and it’s processing. majorly, the GDPR focusses on personal data and sensitive data. Under the EU regulation, personal data refers to information that identifies an individual,e.g, name, age, job, etc. while sensitive data under the GDPR include vulnerable data such as bank details, National Identification Number, health status, etc. The Basic Principles of the GDPR : Who does the GDPR apply to? The GDPR applies to any organizations that When it comes to punishing the non-compliant, the General Data Protection Regulation earned it’s reputation as the strictest data protection law. For example, the Italian data protection authority, the Garante, issued its largest GDPR fine of over €79 million against ENEL Energia for telemarketing misconduct. So, you don’t want to get on the wrong side of the law. Need help with GDPR compliance? Book a free consultation with our experts at Johan Consults. Consent and the GDPR The GDPR places a lot of importance on data subject consent to data processing. Although consent is one of the lawful basis for processing data, it’s not compulsory. What does that mean? A common myth of the GDPR is that you always need consent to process data. That’s not true. In fact, you can find other reasons if consent proves hard to get. Consent is only appropriate when you are sure you can stop processing when the subject opts out. Because it would be terrible if you went ahead to process data even when the individual said now. Also, consent as a precondition of a service may not be lawful So, if you can process data legally without consent, go ahead. Otherwise, you might face harsh penalties for wrong consent practices. What is valid consent? The GDPR places utmost priority on consent and how it’s gotten. Here’s what the GDPR considers valid consent. Consent given freely; this is very important. With no form of coercion or similar acts. The individual must have genuine choice and control over their data—no hanky-panky. The consent includes the data controller’s identity, processing purpose, and the procedure for processing. Valid explicit consent must be communicated in words, and consent requests must be clear and unbundled from other information. That way, it’s easily identified. So, what’s the importance of a GDPR consent statement? The following are reasons to use a GDPR consent statement Example of a GDPR Consent Statement The example below serves as a perfect depiction of a GDPR-compliant consent statement. Let’s measure it against the key features of a consent form. “By checking this box, I consent to Techdella collecting and processing my personal data for the purpose of receiving newsletters, marketing materials, and service updates. I understand that my data may be shared with third-party partners for analytics and marketing purposes. I also acknowledge that I have the right to withdraw my consent at any time by contacting support@techdella.com, and I can request access to, modify, or delete my data. For more details, see our Privacy Policy.” The key elements of a GDPR consent statement Purpose: A clear explanation of why data is collected and how it’ll be used—’for the purpose of receiving newsletters, marketing materials, and service updates.’ Data sharing: whether data will be shared with third- parties and “may be shared with third-party partners for analytics and marketing purposes.”. User rights: The consent statement must inform individuals about their rights, such as access, rectification, and consent withdrawal. – “The right to withdraw my consent at any time by contacting support@techdella.com, and I can request access to, modify, or delete my data.” Clear action: it must have an an opt-in mechanism like a checkbox for explicit consent. – “By checking this box, I consent.” Contact details: Lastly, a valid consent statement must provide contact details for data protection. – “support@techdella.com” How To Write a GDPR Consent Statement Since you know what a consent statement should contain for valid consent, here’s a step-by-step guide to writing a compliant GDPR consent statement. State clearly the purpose for which you’re collecting data. Be very specific; is it for marketing, analytics, or whatever? Also, if there are more reasons than one, make sure to state them separately. This ensures enough clarity. Ensure users take explicit actions to give their consent. Examples: clicking a button, checking a box. Note: pre-checked boxes aren’t acceptable. Importantly, avoid implied consent, like continuing to use a website as a form of acceptance. If you’ll share the data with a third party for any reason, include who they are and what they do, together with the reason why. Additionally, if data transfers will happen, let them know where to and how the data will be protected. Your consent statement must include how long you will store data and what will be done once it’s not needed anymore. Include the following rights of individuals in it: Make sure to provide instructions on how users
7 GDPR Compliance Software You Need For 2025
Facts first, Data is important. In fact, it’s a necessary part of every organisation, large or small. In today’s world, almost every nation and industry has established regulations for data protection and security. To prevent landing on the wrong side of such laws, you need to ensure 100% compliance.In this blog, you can expect a brief overview of the GDPR and top GDPR compliance software you’ll definitely need in 2025. Quick Recap: What’s the GDPR? The General Data Protection Regulation came into existence in 2018 and has since earned its reputation. It is by far the most respected data protection regulation in the world. As a matter of fact, it served as the template for most of the data protection laws around the world. For instance, the NDPA holds several similarities with the GDPR so much that the major difference between the two is the scope of application. The General Data Protection Regulation (GDPR) mandates organisations that fall under the following categories to have absolute compliance. operating in the EU. handling data of an EU citizen (no matter where it’s located) has a branch in the EU Does the GDPR apply to your organization? Find out at Johans Consults. The 7 GDPR principles At the core of the GDPR, there are 7 principles every company needs to follow. They are; Integrity and confidentiality You must employ every means necessary to protect data from unauthorised access, processing, damage, or accidental loss. So, you need a reliable data security system. Lawfulness, Fairness, and Transparency You cannot collect data for just any reason. So, whatever purpose you have must be lawful. Also, the data collection process must be transparent and legal. For instance, you cannot buy personal information from a third party. You need to get the data directly from the data subject itself. Also, you MUST tell the data owner the reason for the collection. Note: This reason must be stated clearly. Know how to write a GDPR consent statement. Purpose Limitation. As an organisation, you can’t just collect data for one reason and process it for several others. Once you’ve used the data for the purposes stated beforehand, you cannot make use of it. again. Although, if the need arises, you should inform the data subjects and seek their consent again. Data Minimisation This principle states that you cannot keep every single piece of information you collect. For example, when you collect data through the filling of forms, you’re mandated to keep the ones important to the cause only. The Ultimate GDPR Compliance Checklist for you Accuracy Your organisation must not store incorrect information. Every inaccuracy must be corrected with immediate effect. Accountability The GDPR holds every organisation accountable for what they do with users’ data and its safety. Also, you need to prove your compliance with the data protection regulation through proper records. Storage Limitation You can only keep data for a limited period of time. The duration depends on the type of data and its sensitivity. For example, you can store financial data for up to 6 years, but health-related data is more limited. Learn about the Top 12 GDPR Requirements. So, What is GDPR Compliance Software? Now that you understand the basics of the GDPR, you must know that compliance isn’t an easy task. Often times, a lot of organisations don’t even know where to begin. Neither do they know how to achieve maximum compliance. That’s where GDPR compliance software comes in. These softwares are the several tools that assist businesses towards GDPR compliance. Today, these tools come with different functionalities. Some simply record compliance activity, while the advanced others provide audits, reports on data breaches, consent management, and find weaknesses in your compliance strategy using gap analysis. To narrow down your search, we’ve compiled the top GDPR compliance software for you. Microsoft Purview Compliance Manager This is great GDPR compliance software made for Microsoft365 users. To use it, you’ll need An Office 365 E5 license. The features include; Ability to conduct several assessments Ability to identify and protect sensitive data Protects against unauthorised access Implements data minimisation and storage limitations Protects against accidental disclosure Classifies data based on the level of sensitivity Deletes data after a specified period of time Netwrix Netwrix supports organisations with GDPR compliance through its Auditor and related tools. Here are some of its remarkable features. Data Discovery and Classification: Netwrix finds, classifies, and protects sensitive personal data in accordance with the GDPR. Also, it scans on-premises and cloud-based systems to pinpoint where personal data is stored and ensures that there are controls to secure it. Security of Processing: Netwrix provides a clear picture of how data is accessed and shared. By monitoring user behaviour and detecting unauthorised access, it ensures secure personal data processing. Breach Notification: Netwrix is GDPR compliance software with data breach alerts. The software aids in quick detection of data breaches by reporting them. Audit and Reporting: Netwrix Auditor provides detailed auditing and reporting capabilities. This includes logs of data access, data modification, and user activities, which are crucial for demonstrating accountability. Not sure if you’re compliant with the GDPR? Contact us at Johans Consults for a detailed assessment. TrustArc This here is complete with all GDPR-oriented solutions to help every business plan, implement and even update their GDPR compliance practices. It’s main functions are: Reporting to regulator Monitoring compliance And recording processed activities. Snow software Snow Software is a GDPR risk assessment solution available on cloud, mobile, or on-premise. Below are some of its remarkable features. GDPR Risk Assessment: Snow Software identifies applications and devices that handle personal data and notes those with weak protections, e.g., encryption or anti-virus. Continuous Monitoring and Reporting: Snow’s solution keeps constant analysis of applications that process personal data and generates reports to help mitigate risks. Internal Threat Mitigation: The software focuses on reducing internal threats, such as corrupt employee actions and unsecure applications. To do so, the software flags risky devices and users. Comprehensive Asset Management: Snow also offers broad IT asset management features like license compliance tracking and software usage meters. So, you
The NDPC Fines Fidelity Bank for Data Breach
On August 21, 2024, NDPC Fines Fidelity Bank. The NDPC (Nigerian Data Protection Commission) issued a huge fine of NGN 555.8 million to Fidelity Bank Plc. Since the commission was established on the 4th of February, 2022, this is one of the few penalties imposed on any organization. The investigation into the data processing activities of the bank started with a complaint lodged with the NDPC. The complaint stated that the bank opened an account for the complainant with personal and sensitive data without express permission of the subject. According to the NDPC, “It is to be noted that the Commission’s initial decision was issued in July 2023, and a directive to pay a remedial fee was issued in December 2023, and over ten correspondents were exchanged. The Commission issued repeated warnings to no avail. The Commission gave several opportunities for full accountability for over one year, considering the need to encourage compliance as a culture. However, Fidelity Bank did not provide the requisite, satisfactory remedial plan.” The commission, NDPC, was left with no other alternative than to issue a fine. NDPC Fines Fidelity Bank For What Reasons? During the investigation, NDPC found the data processing platforms of the bank lacking. Fidelity Bank was found guilty of the following: Why Does It Matter? Personal data is a very important part of every individual and organization. Some examples are: name, credit card number, bank details, age, etc. These data are often used by hackers and cybercriminals to perpetrate crimes like identity theft, fraud, and targeted accounts. Since organizations like banks and businesses gather such information for processing, they need to devise means of data protection. To combat this, Nigeria passed the data protection bill into law as the NDPA (Nigerian Data Protection Act) on 12, 2023. This law guides all organizations towards maximum protection of Nigerian citizens’ data. Now, this law isn’t limited to institutions in Nigeria. For instance, a company in the EU is subject to the NDPA, and so far, the data of a Nigerian is involved. To break it down, these are some of the principles of data protection followed by every organization: In addition to the above, businesses or organizations are mandated to outsource data processing to compliant third-party agencies only. What Does This Mean for Nigerians? The Nigerian banking sector lost approximately NGN 273 billion in 2022 and the number has spiraled beyond that. This shows the importance of data protection and security for banks. Let’s link this back to the ‘NDPC fines Fidelity Bank’ fiasco. Based on the allegations, Nigerians who have accounts with Fidelity Bank are at higher risk of data loss to criminals. Why? The agency the bank uses to process personal data is not NDPA-compliant. In addition to external threats, the personal or sensitive data of their clients risk threats from the inside. All it takes is one corrupt official and the rest is history. Really, the list is endless. What Was The Bank’s Response to The Trending “NDPC Fines Fidelity Bank”? The bank has denied all allegations of data violations by the NDPC. In a statement released on Thursday and signed by Dr. Meksley Nwagboh, Divisional Head, Brand & Communications, Fidelity Bank Plc. said, “Our attention has been drawn to a news story titled, ‘NDPC Fines Fidelity Bank for Data Breach.’ “While the matter is the subject of an ongoing engagement with the regulator, we wish to assure the public that we have conducted ourselves to the highest ethical standards by ensuring full compliance with existing laws on data protection. “Below is a breakdown of our dealings with the NDPC since we received their letter informing us about an alleged data breach: “On April 30th, 2023, we received a notice of investigation from the Nigerian Data Protection Agency (NDPA), now the Nigerian Data Protection Commission (NDPC). “The investigation was in respect of a complaint from [name has been withheld to protect the identity of the complainant], who claimed that [name withheld] details were used to open an account in the bank without [name withheld] consent. “Based on this notice, we conducted an internal investigation into the circumstances surrounding the claim and discovered as follows: It continued; “On May 2, 2023, we responded to the NDPC that the bank did not violate any law because there was no data breach and that the account opening process was not completed. “On our part, we carried out due diligence by immediately blocking the account and subsequently closing the account when we did not receive the outstanding documents. “At no point in the process was the account ever operational. “On July 7th, 2023, we were invited for a pre-action meeting with NDPC. During the meeting, we restated our position as earlier communicated to them in our letter dated May 2nd. “However, despite our explanation and evidence provided to support our claim, the agency informed us that they had reached a conclusion to impose a penalty on the bank. “On December 5, 2023, we got a letter from NDPC demanding we pay a’remedial fee’ of N250 million within 21 days. “We immediately commenced another round of engagements with the Commission as we were convinced we had not breached any existing law or regulation. “While discussions were still ongoing with the NDPC, we received another letter on the 20th of August demanding that we now pay N555.8 million naira. What’s Next After NDPC Fines Fidelity Bank As we anticipate further news on the situation, we hope Fidelity Bank proves its innocence. Otherwise, it might not survive the reputational and financial consequences. The data breach at Fidelity Bank serves as a stark reminder of the risks associated with digital information. The fine imposed by the NDPC can’t even be compared to the threat it poses to individuals. Financial institutions need to prioritize data security and invest in robust protection measures. You can trust us at Johan Consults. If you are a business owner and you are struggling with NDPR and GDPR compliance, you can contact us for a consultation.
The Importance of Data Security in 2024
Introduction An organization comprises several sectors or departments. And the synchronization of all their activities makes the organization functional. How does the importance of data security come into play?. Data is an important part of every business and organization. It‘s use is versatile and broad. Organizations make use of data to know the pain points of their target audience, scope out the competition and do marketing. This article reveals the basics of data security and highlights its importance. Read on. What is Data Security? Data security is the process an organization takes to keep data safe from compromise, cyber attacks, mishandling, and other woes. All businesses, whether large, medium, or small, are at constant risk of data breaches—emphasis on ‘constant’. While SMEs think they aren’t on the target list, that couldn’t be more false. Small and medium businesses have proven to be easier targets of cyberattacks because they don’t have a comprehensive data security system. As a matter of fact, statistics show that SMEs will make up a large percentage of the total victims of attacks in 2024. Large corporations are not left out either, but they usually have better ways of securing data. Regardless, the financial implications of a successful data breach frustrate the big guns. The importance of data security goes beyond the one stated above. It is a legal requirement under several data protection laws, like the GDPR, NDPR, and the Data Protection Act of 2023. These laws mandate organizations to secure the personal data of employees and clients against unauthorized access, loss, and compromise. Failure to comply with the data security requirements of these laws incurs severe penalties. Differences Between Data Security and Cyber Security While the application of these terms overlaps, they cannot always mean the same thing. Data security is simply concerned with safeguarding data; on the other hand, cyber security protects the entire digital assets and computer system of an organization. For better comprehension, cybersecurity is the fence protecting the building (digital assets and computer systems) and data security is the door protecting a room (databases) in the building. Types of Data Security There are several ways you can safeguard data as an organization. You can use any combination of these methods you find suitable for your business. Below are some of the most common types of data security. Data encryption Data encryption is the logical scrambling of a dataset to prevent unauthorized parties from understanding it. This is perfect because hackers and other vile people cannot read it without a decryption key. Data erasure Data erasure is exactly as the name implies. After processing data for the intended use(s), you’ll need to get rid of them in accordance with the GDPR and NDPA. This method gets the job done without leaving a trace. Data backup Data backup involves storing another copy of the information on a secure external database. Do not mix it up with data storage. When you lose the original copy, you can easily retrieve the secondary copy as a replacement. This ensures data resiliency (continuity of data after loss or compromise). Data masking Although similar to data encryption, this method is a bit different. Rather than scrambling the data, some characters in the data are replaced with entirely different characters. This makes the information unreadable without the password. Authentication This is probably the most important type of data security. Here’s how it works. To access a particular data or database, authorized users must prove that their identity is accurate. This can be done with a login and password system. Biometrics like fingerprints and rectinal scans are further steps to authentication—two-factor authentication. Firewalls A firewall secures data by blocking access from certain IP addresses. importance of Data Security The importance of data security cannot be overemphasized. These are some reasons why you should take data security seriously in your organization. Unnecessary expenditure Businesses are always on the receiving ends of data insecurity. The reason why is that corporations have to spend significant amounts of money to reverse the damages inflicted during data loss, compromise, and theft. Aside from that, the owners of compromised data can seek to file lawsuits against the institution careless enough to lose data. Such actions take a toll on the company’s pocket. Automated attacks The importance of data security shows itself here. Hackers found an easier way to attack in the form of BOT attacks. It’s an automated system with which they can consistently raid your database without breaking a sweat. To combat this, all businesses need to update their data security systems. Reputational damage Absolutely no one would trust a brand known to always lose their data. Most data held by organizations is very personal and sensitive. Examples are names, bank details, health status, social media passwords, etc. The illegal release of such data is dangerous to its owners, as impersonations, targeted attacks, and online scams will be issued against them. Therefore, organizations need to secure data to protect brand image. Data integrity The integrity of data relies on its reliability and accuracy. This means that for data to maintain its integrity, it must be void of compromises or variations as much as possible. You can maintain data integrity through the centralization of data storage and putting it on various servers. This ensures that uncompromised data is available at all times. GDPR Compliance The General Data Protection Regulation is the law that guides organizations towards data protection in the EU. Although an EU law, the GDPR is regarded as the most comprehensive data protection regulation in the world. organizations In compliance with the GDPR, businesses and organizations have to implement foolproof data security systems. Why? The law penalizes defaulting entities with fines, sanctions, and even outright bans. Conclusion In 2024, data security will be a must for all organizations—small, medium, and large. With it, you can prevent financial loss and reputational damage in addition to complying with legal regulations like GDPR. endeavor to mount more data security methods in your organization; you’ll be better for it. Want more info on
