Different Data Protection Practices

Practices for Businesses to Keep Data Privacy and Protection

Various Strategies to Secure Businesses Data

We all know that businesses’ data comes in different forms, such as administration’s data, employee’s data, etc. Businesses implement different practices and data protection policies to maintain and keep these data safe. Today, we will explore trending practices that help companies to keep their data safe.

Let’s get a quick review of data breaches.

As per Statista, in 2023, the number of data compromises in the US stood at 3,205 cases. Meanwhile, over 353 million individuals were impacted by data midpoints, including data breaches, leakage, and exposure, in the same year. Also, As per IBM, there is an average total cost of $5.13 million for a ransomware breach, 13% higher than in 2022. Data breaches average $4.45 million, which is significantly higher than this. It shows the high requirement for data privacy and protection for businesses. Now, we will explore the practices to keep the data safe.

Practices to Implement Data Protection and Privacy

Take Inventory of Your Data

Data is the foundation of the security and privacy program and system asset inventory and maps. Data sets are required to offer valuable details regarding the types of data collected and where they are stored and transmitted to analyze the third parties who can access the data. Proper mapping contributes to understanding this flow of data. At the time of procedures, make sure to take stock of servers, devices, and cloud services used to collect, store, and transmit data.

It includes information stored on devices such as PC hard drives and flash drives. This is key to meeting subject data needs, identifying employee-related risks, and identifying training opportunities.

Reduce the Data You Keep

Fewer data showcases a lower opportunity for a data leak. Limit data collection and retention to the minimum importance for intended purposes. Any personally analyzable information should only be retained for as long as required to complete any intended tasks.

The best practice at the onset of data collection is to collect only needed data. If any additional personal details are not crucial for the intended purpose collected, scrub data sets to eliminate these data arenas.

Don’t Eliminate any Data of Yours.

Keep in mind that you must keep all data, as the data you eliminate as trash might be used by third parties for unknown purposes. It’s essential to make sure that personally identifiable and protected details are stored securely, retention periods comply with the regulations, and the data is disposed of properly.

Address the disposal of paper copies or any physical evidence you have of personal data. Ensure regulatory needs for the discarding of certain types of protected data are met. Also, wipe data from devices, flash drives, and hard drives prior to disposal.

Why Is Data Privacy Important?

• It ensures that your business is secure and protected against data breaches by requiring you to set up necessary security measures.
• It supports avoiding potential lawsuits and regulatory investigations that might arise if there is a data leak.
• It helps to increase customer retention, where they become loyal to the brand.

Data protection needs a holistic approach to system design that incorporates the grouping of legal, organizational, and technical precautions.

Identifying Risks Is Vital

It’s the best way to avoid violating privacy regulations, and it also ensures that lapses don’t occur, ideally safeguarding yourself from potential threats and data leaks. Following are the different ways to assess the risks:

• Auditing the Ad server, third-party vendors, SSPs, and DMPs to ensure there is no data leakage, cybersecurity attacks, or chances of Ad fraud.
• Analyzing previous data breaches and how your business handled them, identifying the responsible parties for these breaches and threats.
• Conducting the audit for website vulnerabilities.
• Hiring the professional to conduct a thorough privacy impact assessment for businesses.

Privacy Network Will Be Great For Business

A privacy framework is a set of guidelines and strategies that allow you to complement, collectively address, and finally integrate every compliance-specific need that applies to your business.

It also decreases subsequent data losses, identifies areas of risk, and evaluates how well you are abiding by different privacy laws and regulations.

Here, you can simply refer to these frameworks and use them as an essential foundation, checking for gaps regarding privacy compliance in your current business practices and developing strategies and best practices suggested by the framework to enhance these areas.

Final Thoughts

The above information showcases how data and information are vital components of business. Keeping them safe is essential for business as it includes employee personal data, consumer data, etc. With the help of the above details, you will understand how you must implement different practices to keep data safe and secure.

Thanks for Reading.