As a business owner, you know how important it is to keep your customer data secure. But do you know the difference between data privacy vs. data security? As businesses collect more customer information, it’s essential that they understand the differences between data privacy and security. Read this blog to learn what separates the two and how to better protect your customers’ personal information.
Cybercrime: A Clear and Present Danger
Cybercrime has become a major problem in recent years. According to a Cybersecurity Ventures report, the cost of damage caused by cyberattacks is estimated to reach $8 trillion annually by 2023. Cybercriminals are getting more sophisticated and innovative with their methods, which is why many enterprises around the globe deal with multiple cyberattacks at any given time.
However, the protection comes at a higher cost. That’s why you need to make sure your data security is up to scratch and offers full protection for your company. In this blog, we’ll talk about what features you need to look for and what your IT infrastructure needs to protect your business from cyberattacks.
Why Are Privacy and Information Security Necessary?
Data privacy and security are both important for businesses today, as they play a major role in safeguarding customer data and preventing data breaches. Cybercrime has become a serious threat to businesses, with the potential to cause significant financial losses and reputational damage. Data privacy and security measures help keep customer data from falling into the wrong hands and ensure that customer information is used responsibly.
Data Privacy vs. Data Security: What's the Difference?
Data privacy is the practice of protecting personal information from unauthorized access or use. It involves taking measures to ensure that individuals have control over how their data is collected, used, and disclosed.
Data security, on the other hand, is the practice of protecting data from unauthorized access, use, disclosure, modification, or destruction. In other words, it focuses on protecting data from cyber threats such as malware and hackers.
The Best Data Security and Privacy Measures
As cybercrime continues to rise, businesses should take steps to protect their data. To boost your business’s data security and privacy standards, you should:
Encryption is an important tool in protecting the data that keeps your business running. It’s a method of scrambling information into an unreadable form, making it difficult for cybercriminals to access the data. Encryption not only protects your business’s data on your network, but also when you travel and use public Wi-Fi services.
Keep Your Business Protected
Implement Robust Authentication
When it comes to identifying and authenticating users, two-factor authentication (2FA) is usually the first thing that comes to mind. Robust authentication, on the other hand, is considered a more intricate process in which users are required to verify their identity before they can access certain data or services.
In some cases, this can be as simple as requesting two-factor authentication along with a password, while in others, robust authentication will require biometric data or other forms of identification before granting access. Ultimately, this prevents unauthorized parties from gaining access to confidential information and provides an extra layer of security for your business.
Training and education are paramount for any successful organization. By instilling data security and privacy as an integral part of company culture, you make sure everybody knows how to keep your customers’ details secure. Not only should this be communicated digitally, but also through training on best practices when handling both digital and tangible forms of sensitive data. This gives all staff members a proactive approach when it comes to safeguarding personal records, which will be much more effective at keeping data safe than simply responding reactively post-breach or singling out particular threats like phishing emails.
Enact Access Controls
Access controls are an important part of data security and privacy. In addition to the network and system access controls already discussed, these controls focus on access to certain types of data or services. They limit who can access certain data, and in the case of sensitive information, that means only authorized personnel when necessary.
Tokenization is a data security and privacy method that replaces sensitive data with unique identifiers or tokens. This process makes it difficult for unauthorized parties to gain access to confidential information, providing an extra layer of security for businesses.
Businesses need to prioritize their data security and privacy in order to protect themselves from cybercrime. Training staff on these topics, enacting access controls, and using tokenization are all important steps in boosting your business’s data security and privacy standards. By taking these steps, businesses can protect their data and ensure their customers’ safety.
PCI Booking offers tokenization solutions that upgrade your business’s security data protection. Our solutions help you secure your data while still allowing you to provide services quickly and conveniently. We believe in ensuring the privacy and security of our customers’ information, so by using our tokenization services, you can be confident that your data is safe from unauthorized access. Contact us today to lock down your organization’s security.