Each year, the headlines related to data breaches are becoming more and more sensational. From the Swedish Transport Agency, which leaked confidential information about undercover agents,security vehicles, and many other things in 2015, to the Equifax data leak, which exposed sensitive details such as credit card, social security numbers, and driver’s license numbers, of 145 million Americans in 2017, data breaches are expected to cost everyone $6 trillion per year.

Hackers’ methods of carrying out cyberattacks have also developed recently. It is now easy to infiltrate a network and disseminate ransomware and malware through social engineering tactics and phishing.

Due to these reasons, large companies have become attentive and are often much ahead of the curve in terms of data protection, having developed and tested their security strategies over the years. Also, a number of data privacy companies have evolved, offering services to preserve and protect your data.

Data Privacy and Its Importance

Data privacy, also known as information privacy, is a subset of data protection that looks after the proper handling of data, focusing on compliance with data protection legislation. It is concerned with how data should be acquired, kept, managed, and shared with third parties, as well as compliance with privacy laws.

The significance of data privacy can be assessed from both an individual and a business standpoint:

For individual

Privacy laws worldwide strive to restore individuals’ control over their data, enabling them to know how, by whom, and why their data is being used and providing them control over utilization and handling of data.

From a business viewpoint

Businesses cannot function unless they process personal information in some form. Companies must now manage personal data in a compliant and transparent manner, be accountable for the private data they process, and follow privacy standards in order to remain compliant. Otherwise, companies risk massive regulatory fines, customer dissatisfaction, data breaches, and investor appeal. However, privacy legislation such as GDPR has pushed some organizations into digital transformation, offering privacy-advanced enterprises a competitive advantage.

Data Privacy and Some Challenges

Over the last few decades, data has propelled our most significant and satisfying innovations and technologies. However, maintaining consumer data privacy as well as preferences is a genuine concern today. To comprehend the significance of global data privacy, you must first comprehend the challenges your firm may encounter regarding data privacy.

Data growth is exponential

Data has expanded tremendously over the last decade, but poor security procedures continue to put firms in danger of a data breach. PII, Personal Identifiable Information, is one of the most serious issues in data privacy. Handling millions, if not billions, of data records gets overwhelming in our technology-driven society due to the veracity as well as the volume of data.

Cost of preserving data privacy

A data leak can lose businesses millions of dollars in sales. According to the Ponemon Institute, the average data breach cost in 2017 was $3.62 million. If an entity violates the law, it will have to face severe regulatory fines from various agencies.

To ensure that their data is recoverable and safe, organizations must invest in a number of important security technologies like data archiving, redundant infrastructure, and backup.

A cutting-edge technology environment-IoT and Mobile

IoT is undoubtedly a huge problem for all security professionals. According to a recent report, 90% of information security specialists are more concerned with IoT as compared to network security.

When it comes to IoT, security experts must revisit BYOD (Bring Your Own Device) regulations, create an IoT readiness strategy, and scan the network to identify any IoT devices linked to your network.

Human error adds to the complexity

Common human errors can greatly impact your data privacy and security. Several security analysts believe that human mistake is the most serious threat to data privacy and security. Employees that are clueless or ill-informed can use weak passwords, destroy data by mistake, become victims of phishing scams, get privileged account access, and surf websites that are not authorized for usage. Your security team must develop a training program and security awareness that will empower your personnel while reducing risk.

Legacy Suite: Your All-In-One Solution

There are numerous data privacy challenges that your contemporary business must tackle, ranging from a growing technology landscape to obtaining access to all of your data infrastructures.

If you are worried about maintaining your digital privacy, Legacy Suite is the best platform for you which is meant to reframe digital value, to form and carve your legacy. Legacy Suite aims to offer security, ensuring your digital life is handled according to your terms and wishes. The platform organizes, establishes, and secures all your critical information.

Legacy Suite also acts as an online password manager that secures your private and sensitive information. Privacy and security are the key features of the platform that seeks to provide advanced technology along with encrypted security.

For more information, please visit https://www.legacysuite.com/.