As we continue to share our sensitive information with more and more companies across the globe, and as businesses continue to increasingly rely on this data, the need to elevate data security becomes paramount. Safeguarding user information and customer data is not just important for the individual, but is crucial for preserving your company’s image and trustworthiness in a competitive industry.
So much so, in fact, that according to UpGuard’s report, the average cost of a data breach globally is $3.92 million, while the average cost per lost record is about $150. That said, the cost to your brand’s reputation and long-term survival following a data breach can be insurmountable.
With that in mind, today we are taking a look at the best practices you need to use to your advantage if you’re handling sensitive data, and if protecting your brand and your customers is a priority. Here’s what you need to do.
It all starts with GDPR
By now, you understand that complying with the GDPR rules and guidelines is a key prerequisite for safely handling customer data if you operate in the EU region. Whether your business has a physical presence in the European Union or not does not matter – you are obligated to comply with the GDPR regulations if you process any data from EU-based customers.
This is something that many companies from outside the EU can easily overlook, which has led to many GDPR fines over the years, which have damaged the reputation of many brands. The key here is to read the GDPR guidelines carefully and to always obtain direct consent from your customers to store and process their data.
That said, it’s not just about obtaining consent, it’s also about ensuring complete data security. If you suffer a data breach and if sensitive information gets leaked to the public, you can get fined because you failed to protect the data of EU customers.
With all of this in mind, make sure that GDPR compliance is a priority for your business in 2023.
Third-party providers and cloud security
As cloud computing and cloud-based services become more accessible to businesses of all sizes, it’s becoming increasingly important for business leaders to take a calculated approach to data security in the cloud. While on-site IT infrastructure management lends itself to direct oversight and security optimization, businesses need to be careful when partnering with cloud providers and third-party solutions.
Ensuring complete data security on the cloud is a complex and multi-faceted problem, because it is up to the cloud provider and the solution distributor to guarantee the safety of your customers’ sensitive data. If you are running your business in the cloud through third-party providers, you need to be diligent in your security assessments.
Analyze the provider’s track record, and talk with your own data specialists and security experts when analyzing the provider’s data security systems, policies, and ongoing innovations. Consider the various cloud-based integrations you use, such as payment gateways and data sharing platforms, and regularly analyze their security measures and improvements.
Leveraging AI to generate secure datasets
Artificial intelligence is one of the leading innovators in the field of data security and cybersecurity in general nowadays, and it’s important to talk about its role in safeguarding sensitive customer data moving forward. Specifically, the focus is on AI-driven synthetic data, which is currently revolutionizing data privacy and automating data compliance.
Synthetic data generation is a state of the art privacy-enhancing technology, which provides GDPR-compliant data protection and maximum data utility. Synthetic data is commonly used in place of real data for machine learning development, analytics and data sharing, even across borders and institutions.
For businesses that prioritize data security and want to elevate data privacy in 2023 and the years to come, generating synthetic data with the help of AI and machine learning might be the most cost-effective solution.
Continuous IT infrastructure monitoring is a must
It should go without saying that on-site, cloud-based, and third-party IT infrastructure monitoring is paramount for ensuring data security in 2023 and beyond. Whether you’re managing your data centers on site or if you are using third-party providers, one of your top priorities should be to use the right monitoring tools that will give you a complete overview of your entire infrastructure.
This is not just about ensuring uptime or the deliverability of IT applications, it’s also about ensuring data integrity and safety. One of the key processes is file integrity monitoring, which allows you to monitor the integrity of all files and prevent unwanted changes, which you can track across servers, locations, and devices and routers.
Make sure you have the right monitoring tools on site or through your cloud provider in order to retain complete control and oversight of critical customer data.
Protecting online and on-site data with access control
Last but not least, if you’re making data security a priority this year, which you should, you need to consider improving your access security. In a nutshell, access control security is a suite of hardware and software tools you can use to limit the access to your on-site and online data stores by granting access to the right people and preventing unwanted entry.
Using access control tools in combination with continuous control monitoring and multi-factor identification allows you to give access to specific data only to specific project collaborators while minimizing the risk of data loss. This ensures that the data is only viewed by the right people and it minimizes the risk of data leaks.
Over to you
Data protection should, without a doubt, be one of your top priorities in 2023 and moving forward. The fate of your brand may very well rest on your ability to prevent data breaches, avoid getting fined for mishandling sensitive information – all of which can irreparably damage your brand’s reputation.
Be sure to implement these tips into your data protection strategy, and keep a close eye on your security infrastructure in order to prevent incursions. Optimize your processes, data security policies, and cybersecurity practices regularly to ensure complete data protection for all your customers.
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