Data Protection: How to Give Your Organization a Competitive Edge

Data breaches have led to reputational and brand damage for 65% of organizations that failed to protect their customer data and privacy.

Cybercriminals are increasingly using sophisticated social engineering techniques, malware, and supply chain attacks to access sensitive business data. Protecting this data is crucial as breaches can cost a company a significant amount for remediation and damage its reputation.

Consumers trust organizations with their confidential data, expecting it to be protected. However, many organizations fall short of this expectation, leading to breaches and fines for non-compliance with data protection regulations.

Insider threats, similar to external cyber-attacks, are on the rise due to digital workspaces and increased remote work. The costs of insider threat incidents have increased from $11.45 million in 2020 to $16.2 million in 2023, with 71% of companies experiencing between 20–40 incidents per year.

Consumers are less willing to share their valuable data with businesses that have not adequately protected their personal data in the past, highlighting the importance of data protection for maintaining trust and gaining a competitive advantage.

Understanding Data Protection and Privacy

Data protection and data privacy are often used interchangeably but have distinct differences. Data privacy defines who has access to data and is more of a process or legal matter, mostly given to users who can control which data is shared with whom.

On the other hand, data protection provides tools and policies to restrict access to data and is mostly a company's responsibility to ensure that the privacy settings set by users are implemented and data is protected.

Data Protection Regulations

Organizations can use various data privacy frameworks, such as the NIST Privacy Framework or GDPR Regulations, to guide their data policies The specifics of an organization's data governance strategy depend heavily on the privacy laws the company must comply with.

The GDPR is a set of laws and guidelines that govern the processing and handling of personal data to protect individuals' privacy rights. These regulations outline principles and requirements that organizations must follow when collecting, storing, and using personal information.

• Privacy by design: Treat user privacy as a core feature that should be the default state of every system, product, and process in the organization.
• Security: Organizations should implement processes and controls to protect the confidentiality and integrity of user data.
• Transparency: Users have a right to know who has their data and what they do with it.
• Consent: Organizations should get user consent for data storage.

Proactive Measures for Effective Data Protection

Creating policies for data privacy can be challenging but not impossible. The following best practices can help you ensure that the policies you create are as effective as possible.

• Inventory and Classify Data: Begin by taking stock of all your data resources and organizing them based on their significance. This step is crucial for preventing insider threats.
• Zero Trust Model: This model does not assume trust, even for insiders. It mandates continuous verification and rigorous access controls.
• Data Encryption: Applying encryption to sensitive information safeguards it, even if an insider attempts unauthorized access.
• Two-Factor Authentication: This technologies is crucial for regular users as it makes it significantly harder for attackers to gain unauthorized access to personal accounts.
• Endpoint Detection: In the context of cybersecurity, this refers to individual devices like computers, laptops, and mobile devices that connect to your organization's network. These endpoints are often the entry points for insider threats.
• Implement Data Loss Prevention (DLP) Solution: While each mentioned step can enhance your data security, a robust DLP solution can be your most potent ally.