Since January of 2008 the United States and Canada have been celebrating Data Privacy Day. The holiday was brought to North America by the National Cyber Security Alliance [NCSA] in order to educate consumers on safer practices for an online presence and show organizations why and how security is important for business.
Data privacy is more important now than ever before. Since 2018 there have been over 3,000 data breaches across the U.S. affecting millions of citizens. On average, a data breach will cost a company an average of $8.9 million in damages. Considering this massive cost to recover, it only makes sense to do everything possible to keep data secure.
So, what is data privacy anyway?
Data privacy relates to how collected information should be stored, handled, and shared based on how important the data is. While consumer data can provide businesses with insight into the habits of customers, it also allows cybercriminals tools necessary to commit identity theft, fraud, and other crimes. Owning this type of sensitive data makes it that much more crucial to protect this material.
Data Privacy Day hopes to educate both consumers and companies on the importance of limiting who can view, access, and manage their data – sharing the proficiencies needed for better data protection.
Here are some ways SnowCap and Cisco recommend enhancing data protection:
Invest in privacy maturity to address the requirements of GDPR and other relevant privacy regulations and frameworks;
Measure any privacy-related sales delays with existing customers or prospects, identify the causes of delays, and take action to reduce them;
Minimize the amount of personal data that is stored and processed, and put in place appropriate protections for this data based on risk to help reduce costs and minimize impact if/when there is a data breach
Once data is appropriately protected, work to maximize the value of the organization’s data assets over the lifecycle of the data