Takeaways for Businesses in the Rapidly Evolving Data Security and Privacy Landscape

As more and more businesses jump into the digital transformation bandwagon by leveraging cutting-edge tools and technologies, data security and privacy challenges have also increased.

Even though customer privacy and security may seem interchangeable to most of us, both are distinctly separate yet interrelated concepts. And knowing the exact difference between the two is undoubtedly the need of the hour since data security and privacy laws, including the GDPR and CCPA, are becoming more stringent.

But what does it mean if a business isn’t considering maintaining compliance with these laws? Ignoring these laws/compliances could make organizations vulnerable to lawsuits and hefty fines.

Since every business collects heaps of customer data, it becomes their responsibility to manage and store sensitive customer data securely. Let’s uncover the aspects of security and privacy in the modern digital world and understand what businesses need to gear up for.

Understanding the Difference Between Data Security and Privacy

When we talk about data privacy, it’s all about ensuring fair use of personal data by offering individual control over how their data is collected, used, or shared.

However, data security, conversely, ensures data security from unauthorized access. This means sensitive data is secured in a way that only authorized people can access the same.

However, organizations must ensure data security and privacy while collecting user information. Otherwise, they have to face several issues related to non-compliance.

Data Security and Privacy Compliances

Since customers are now aware of the way brands use their personal information, they always prefer relying on trusted enterprises that offer adequate security and privacy.

In a nutshell, customers cannot trust you if your business isn’t complying with global data protection and privacy regulations. These regulations are formed to ensure every bit of customer information is collected, stored, and managed securely. Also, it’s crucial for businesses to re-assure that they have consent from the customer end before they can collect personal information to use further to improve their overall business. Failing to meet the data protection and privacy requirements, enterprises could be entitled to hefty fines and lawsuits, leading to substantial financial losses.

On the other hand, a challenge in managing customers’ sensitive personal data could further put businesses at risk, since cybercriminals are always on the hunt for compromised customer details that can be sold on the dark web for financial benefits.

Once an organization falls prey to a cyberattack, it can lose millions of dollars and eventually tarnish its reputation in the global market. Hence, businesses must adhere to various regulations to ensure the highest level of customer trust and to avoid fines.

The Rapid Adoption of Data Localization

Besides data privacy and security compliances, the rapid adoption of data localization has increased the challenges for businesses expanding their global reach.

Data localization refers to the practice of keeping the data within the geographic boundaries it originated from. For instance, if an enterprise collects user data from customers living in the U.S., the physical storage of the data shouldn’t cross U.S. boundaries and must be stored locally.

Around the world, 75% of countries have already implemented some data localization regulations. And the significant implications include data governance, IT footprints, and data architectures.

While localization rules generally prevent cybercrimes, including customer identity theft or privacy concerns, success also has much to do with how businesses store and manage sensitive data.

Enterprises that fail to comply with data localization standards may lose potential customers in a particular country or state – and may eventually have a limited area to expand their business in the upcoming years.

The Competitive Advantages of Data Privacy and Security

Besides the regulators that consider data privacy and security seriously, consumers are now more informed and expect their sensitive data to be handled seriously.

Undoubtedly, digital trust is a serious concern, and brands that can build customer trust shouldn’t forget the crucial role of consumer trust based on data handling.

Thus, organizations that address the issues related to data privacy and security have significant competitive advantages in various areas, including:

• Optimized Customer Experience: Organizations can offer personalized customer journeys and provide suggestions based on customer preferences and behavior. This results in more lead generation and enhanced conversion rates since customers rely on a brand that correctly utilizes their data.
• Better Customer Retention Rates: Since data privacy and security undoubtedly increase your customer base, they also ensure you retain your loyal customers and prevent switching. Customers love to stay for a long time with a brand that offers robust security and is continuously on the path of innovation and adaptation when it comes to customer data privacy and security.
• Global Market Repute: While poor data privacy and security practices may tarnish your brand reputation, invoking the true potential of the same could help build a globally admired brand. Businesses that adhere to several data security and privacy compliances are gaining more attention globally.

Conclusion

The data privacy and security landscape is evolving rapidly, and businesses need to understand its importance and put their best foot forward in adopting the necessary regulations.

Businesses that aren’t taking customer data privacy and security seriously will lag behind their competitors in the upcoming years and eventually face severe consequences.

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Originally published at Dataversity

Takeaways for Businesses in the Rapidly Evolving Data Security and Privacy Landscape - DATAVERSITY

As more and more businesses jump into the digital transformation bandwagon, data security and privacy challenges have also increased.

DATAVERSITYDeepak Gupta

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Automated Vulnerability Detection: Mitigate Fraud and Strengthen Your Cybersecurity Defense

Cyberattacks are now a severe threat to organizations leveraging cutting-edge technology in the digital-first world. Whether phishing or malware attacks, cybercriminals increasingly exploit sensitive business information and customer identities. And what’s more worrisome is that the conventional cybersecurity architecture seems impotent against advanced attacks, since attackers are finding new ways to breach a network. Hence, there’s an immediate need for a robust security architecture that can detect a vulnerability in advance and mitigate the risks. Here’s where the critical role of automated vulnerability detection comes into play!

Automated vulnerability detection uses software to scan your applications and systems, whether in-house or cloud deployment, for potential vulnerabilities. This system helps enterprises identify threats in advance so that IT heads can take the necessary steps to contain a breach and avoid more considerable losses.

Let’s glance at how automated vulnerability detection reinforces your cybersecurity defense and prevents fraud.

What Is Automated Vulnerability Detection and Why Is It Important?

Automated vulnerability detection refers to the advanced cybersecurity systems capable of early detection of threats that can lead to data breaches and customer identity thefts. Let’s glance at how automated vulnerability detection reinforces your cybersecurity defense and prevents fraud.

These vulnerabilities could cause severe damage to legacy systems or new applications, leading to substantial financial losses and reputational damages.

Hence, the scanners in the vulnerability detection systems are designed to identify any unusual activity by leveraging machine learning and artificial intelligence. This ensures that any emerging threat is detected and contained early.

But the question is – why does automated vulnerability detection matter now more than ever?

Since most businesses leverage the cloud, the risks associated with cloud deployments can’t be overlooked, primarily if a business relies on conventional cybersecurity architecture.

Moreover, many enterprises are using shared cloud infrastructure. This infrastructure, if not appropriately deployed, may leave loopholes for cybercriminals.

Hence, enterprises must rely on an automated vulnerability detection system to reinforce security on cloud deployments and prevent data breaches.

Automated Vulnerability Detection System for Compliance Management

The global number of cyber attacks is increasing day by day. Cybercriminals are increasingly targeting enterprises and their users for financial benefits.

Apart from this, many enterprises may also fall victim to certain attacks that are carried out by cybercriminals for other benefits, including reputation damage and ransomware, thus leading to losses worth millions of dollars.

On the other hand, enterprises that aren’t using up-to-date cybersecurity technologies would compromise their sensitive information or even lose customer trust if any of the users’ data is exploited.

And most countries nowadays are worried about the security of the personal details of their citizens. They have set specific data security and privacy regulations for businesses to follow.

For instance, the EU’s GDPR is one of the world’s strongest privacy and security laws. It demands organizations follow stringent security and privacy guidelines before catering to the citizens of the EU.

Failing to comply with these regulations may entitle a business to hefty fines, and brands may even lose their reputation in the global marketplace.

And when it comes to automated vulnerability detection systems, it helps businesses meet the global compliances for customer data protection and privacy. This means a brand can serve the citizens of any country or state regardless of their privacy and data security regulations.

In a nutshell, businesses can ensure they adhere to the various data security standards and adequate privacy management by incorporating advanced vulnerability detection systems into their cloud deployments.

Staying Ahead of Emerging Threats

Today, one of the most significant challenges of any enterprise is preventing a cyberattack. And what else could be more fruitful than an advanced system capable of analyzing your entire network and systems for possible vulnerabilities?

Most businesses favor preventing a data breach but aren’t sure what they need to deploy to get valuable insights into their organization’s overall cybersecurity posture.

Here’s where an automated vulnerability detection and mitigation system comes to the rescue! This system can analyze every unusual activity using artificial intelligence and machine learning.

The vulnerability detection system can detect software vulnerabilities or weaknesses in the overall design. These can be easily seen via application, database, and host-based scans.

How Does Automated Vulnerability Detection Work?

Automated vulnerability detection uses advanced software tools and technologies to scan your network, applications, and systems for potential vulnerabilities.

However, the tools used in automated vulnerability detection may vary depending on the level of sophistication required to identify and address the specific vulnerabilities in your networks/systems.

Some tools use simple scanning techniques that check for known vulnerabilities. In contrast, others use advanced techniques like artificial intelligence and machine learning algorithms to analyze vast data and identify emerging threats.

The process of automated vulnerability detection involves the following:

1. Discovery: The software scans your network, applications, and systems to identify all the deployed devices and software components.
2. Enumeration: The software identifies the specific vulnerabilities in each system/device and software component, using a database of known vulnerabilities and artificial intelligence and machine learning algorithms to identify new and emerging threats.
3. Prioritization: The software prioritizes the vulnerabilities based on their severity, the likelihood of exploitation, and the potential impact on your business.
4. Remediation: The software recommends addressing each vulnerability, including patches, updates, and configuration changes.
5. Reporting: The software generates a report summarizing the vulnerabilities detected, the actions taken to remediate them, and any additional recommendations for improving your cybersecurity posture.

Conclusion

The increasing cybersecurity threat landscape demands businesses incorporate robust security systems capable of preventing a data breach.

However, most businesses are unaware that they could eventually prevent a breach and secure their sensitive information and customer details by using a cutting-edge vulnerability detection system.

Whether you have legacy systems or cloud deployments, early threat detection through an innovative vulnerability system is necessary for today’s modern business landscape.

Once you’ve incorporated an advanced threat detection and mitigation system, you can ensure that your business information is secure and the privacy of your customers is protected.

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Originally published at Dataversity

Automated Vulnerability Detection: Mitigate Fraud and Strengthen Your Cybersecurity Defense - DATAVERSITY

Automated vulnerability detection uses software to scan apps and systems, whether in-house or in the cloud, for potential vulnerabilities.

DATAVERSITYDeepak Gupta

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https://bit.ly/45UJnvy

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Cyber Insurance - Your Secret Weapon Against Digital Risk

Cyberattacks pose one of the biggest risks to companies today. Yet many still don't understand cyber insurance or how to maximize its benefits. Insurance can provide critical protection when (not if) your business experiences a breach.

Cyber insurance is a specialized insurance coverage that protects businesses against cyber attacks' financial losses and liabilities. It provides coverage for both first-party and third-party losses, which covers the direct expenses incurred by the insured business and the potential legal claims brought by affected third parties.

Policies cover costs like:

• Legal liabilities and regulatory fines: Businesses may face legal claims or regulatory penalties when customer data is compromised. Depending on the policy, cyber insurance can cover legal defense costs, settlement amounts, and even regulatory fines and penalties.
• Crisis management and PR: A cyber attack can severely damage a business's reputation, losing customers and trust. Cyber insurance can cover the costs associated with public relations efforts to manage the fallout and repair the business's damaged image.
• Customer notification and credit monitoring: In the event of a data breach, businesses are usually required to notify affected individuals and provide credit monitoring and identity theft protection services. Cyber insurance can cover the costs associated with these notifications and the expenses involved in investigating and mitigating the breach.
• Extortion payments: Ransomware attacks have become increasingly common, where cybercriminals lock or encrypt a business's data and demand a ransom for its release. Cyber insurance can cover the ransom payments and expenses incurred during the negotiation and resolution process.
• Business interruption: When a cyber attack disrupts a business's operations, it can result in significant financial losses. Cyber insurance can cover the income and extra expenses incurred during the disruption, enabling the business to recover and get back on its feet more quickly.

It's important to note that cyber insurance policies can be tailored to the specific needs and risks of each business. The coverage and limits may vary depending on factors such as the business's size, industry, and cybersecurity measures in place. Some policies offer additional benefits, such as access to expert incident response teams, cybersecurity consulting, and breach prevention services.

But cyber insurance isn't just about money. Carriers require you to meet security standards to qualify for coverage. This motivates improving defenses BEFORE disaster strikes.

Working closely with your insurance provider results in the following:

• Security audits identifying vulnerabilities
• Mandating multi-factor authentication
• Incident response playbook creation
• Employee security training
• Updating system patches and access controls

The need for cyber insurance has become more evident as cyber attacks have increased in frequency and sophistication. No business, regardless of size or industry, is immune to these threats. The financial losses and reputational damage resulting from a cyber attack can be devastating, leading many businesses to seek protection through cyber insurance.

In conclusion, cyber insurance is designed to provide businesses with financial protection and support in the event of a cyber-attack or data breach. It covers various costs, including notification and response expenses, business interruption losses, extortion payments, legal liabilities, and reputation management. Given the ever-evolving cyber threat landscape, cyber insurance has become essential for businesses to mitigate their risk exposure and safeguard their operations, finances, and reputation.

Evaluate your cyber risks and explore specialized policies that incentivize closing gaps. Cyber insurance is your secret weapon for managing digital threats!

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Why Data Privacy Should Be a Core Aspect of Protecting Human Rights

The U.N. Declaration of Human Rights recognizes privacy as one of the most basic rights everyone should have.

But the inherent openness of the internet and the ability of a person to access information from the other side of the globe mean that Data Governance is a big issue.

A question arises: How vulnerable is your data?

Before answering this question, here’s what you need to know first. All data that people have ever made available on the internet exists in three states: at rest, in transit, and in use.

1. At rest: Data at rest is stored in a physical device that is not connected to the internet (e.g., hard drives and USBs). Unless these devices are connected to a laptop, the data cannot be transferred.
2. In Transit: Data in transit means data is being moved from one place to another. This is usually done through e-mails, downloading or uploading files on the server, or messaging using a messenger, SMS, or social media.
3. In Use: Data in use means data is being processed, analyzed, or loaded into databases. This can be done by individuals or corporations for any reason, be it marketing, or simply to know their use for general purposes.

There are various crossovers in these states, and even with the most modern encryption methods, data can get lost or stolen.

No wonder, data security has become the primary concern of big corporations like Facebook, who store data to provide their users with specified ads and experience. While most people believe that data breaches happen due to hackers, the fact is 88% occur due to human error.

However, the downside to this is that once the data is out there, there is very little you can do to get it back.

Worst still is the knowledge that there is almost nothing that you can do to ensure your data isn’t used for malicious purposes. This is one of the major reasons why personal data privacy is now becoming a part of basic human rights.

How Can Data Rights Be Recognized?

As mentioned already, while there are pros and cons to technological development, the storage of data hints at a bigger problem: the breach of privacy.

Here are a few ways companies can safeguard data as a basic human right.

• By adopting an internationally recognized model: The Universal Declaration of Human Rights was created and universally accepted by countries all over the world after the end of World War II. All nations, whether a part of the U.N. or not, are required to provide their citizens with these basic rights. These global standards make it easy to rule legal judgment rather than a debate on ethics and moral codes of either party – which can change from one person to another.
• By providing legal protection: Human rights is an objective model that can be implemented globally. Denying them can be dealt with legally. This ensures any party, whether government, cooperation, or individual, will have to face legal consequences that aren’t subjective. Anyone who doesn’t abide by Data Governance is held legally accountable.
• By limiting government reach: It is the obligation of the government, regardless of which country users live in, to provide human rights. This stops the government from discriminating and mistreating individuals for their gains. Including data rights ensures that no institution can use user data maliciously. This also ensures that the government cannot spy on their citizens or keep them under surveillance without due cause.
• By creating social boundaries: Despite how friendly you might be with your co-workers and friends, you draw a line about who and how much information you share with each person. Having access to all information about other people makes it impossible to create boundaries. Social media platforms should be obligated to include data security features to ensure that no personal information is lost.
• By providing freedom of speech and thought: Recognizing Data Governance as a human right would ensure that no individual can be monitored. This allows the person to provide their thoughts and opinions without being misaligned or being labeled negatively.
• By avoiding financial loss: Companies that store data should be especially careful about their Data Governance policies because they can face hefty financial loss without them.

In 2020, identity fraud scams cost $43 billion for individuals, corporations, and governments. While this number might be less than seen in 2019, it has still affected the lives of millions of individuals.

Recognizing data privacy as a human right would ensure corporations will instill a new level of data security protocols so that no data is stolen.

How Is the United Nations Human Rights Council (HRC) Contributing?

CCPR General Comment No. 16: Article 17 (Right to Privacy) recognizes privacy as a human right. It allows every person to protect their privacy, family, home, and correspondence from unlawful attacks.

The article also includes the following statement:

• No interference can take place except in cases envisaged by the law. And when that happens, it should be under the provisions, aims, and objectives of the Covenant.
• The competent public authorities can only demand an individual’s private data that is governed as authorized interferences with private life.
• The holding of personal data on any device (computers, data banks, etc), whether by public authorities or private individuals, should be regulated by the law.

Conclusion

Even though data security and governance are included in the human rights treaty, the lack of regulation is one reason why user data is still vulnerable. The development of new technology and the fact that there were 4.66 billion active internet users worldwide (as of January 2021) make regulation all the more difficult.

It is time that national governments acknowledge this growing need for data security and create laws or legislations that govern an individual’s right to data privacy. Proper use of technology requires careful governance and administration, as it is a challenge faced by many people today.

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Originally published at DataVersity

Why Data Privacy Should Be a Core Aspect of Protecting Human Rights - DATAVERSITY

The U.N. Declaration of Human Rights recognizes privacy as one of the most basic rights that should be afforded to everyone. But the inherent openness of the internet means that Data Governance is a big issue.

DATAVERSITYDeepak Gupta

https://bit.ly/45DtlWw
https://bit.ly/3qVPQaj

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