Keeping data under lock and key might sound like a simple task - but in reality, many businesses leave sensitive information under the misconception that it is safe. For many, it is a major challenge.
According to Statista, the number of annual data breaches of exposed records exceeded 155 million records in 2020.
The average cost per record breach is $150. While this may not feel too impacting, Research by IBM in 2019 found that the average breach involves 25,575 records. When data is breached, the average cost to a business is approximately $3.92 million.
This is where data compliance comes in.
Data compliance refers to the process of ensuring that data is collected and managed in accordance with certain regulations or standards. Organizations may be required to comply with data privacy laws, industry regulations, or contractual obligations.
For example, the General Data Protection Regulation (GDPR) is a set of EU regulations that govern the collection, storage, and use of personal data. GDPR compliance requires organizations to take steps to protect the privacy of EU citizens, such as ensuring that data is collected only for legitimate purposes and providing individuals with the right to access their personal data.
Here is a list of the key data compliance requirements in the US and Europe:
As the world becomes digital-first, businesses are adapting and following their customers. The risk of cybercrime comes with the convenience of conducting transactions and storing data electronically.
Data compliance ensures that there is a process that protects business-critical data and maintains its security and privacy. It also establishes a baseline of protection against malicious actors and ensures a standardized methodology of securing business-critical digital assets such as user information and financial records.
In recent years, the issue of cyber security has been thrust into the spotlight as the number of high-profile data breaches has increased. While the term “cyber security” can encompass a wide range of topics, at its core, it is the practice of protecting electronic information from unauthorized access or theft. This can include everything from personal data, such as credit card numbers or social security numbers, to sensitive corporate data, such as trade secrets or financial records.
There are a number of threats to sensitive data, ranging from malicious hackers to careless employees. Data breaches can have a devastating impact, both financially and reputationally. In order to protect their data, organizations must implement strong cyber security measures. This includes everything from ensuring that only authorized personnel have access to sensitive data to encrypting data in transit.
When it comes to data compliance, one of the most important things you can do is keep your data protection measures up to date. This means ensuring that your security systems are current, your employee training is up to date, and your data governance policies are in line with the latest regulations.
One of the best ways to keep your data protection measures up to date is to work with a compliance partner. A compliance partner can help you assess your current data protection measures, identify any gaps, and recommend updates to ensure that you are meeting the latest compliance standards.
Another way to keep your data protection measures up to date is to stay informed about the latest compliance news and updates. There are a number of resources available, such as compliance newsletters and blogs, that can help you stay up-to-date on the latest compliance developments.
You should also periodically review your data protection measures to check that they are still effective. This includes assessing your security systems, testing your employee training, and reviewing your data governance policies. By periodically reviewing your data protection measures, you can identify any areas that need improvement and make the necessary changes to ensure that you are meeting the latest compliance standards.
Organizations that process personal data must take steps to ensure compliance with data protection regulations. This includes discovering what personal data they hold, mapping where it is stored, and implementing processes and controls to protect it.
Here is a 3-step process on how to discover and map personal information.
There are many compliance requirements when it comes to managing login credentials, but the most important thing is to ensure that they are kept secure. Here are some steps you can take to manage login credentials securely:
Much discussion about data compliance surrounds regulatory requirements such as GDPR, CCPA, and others. Yet, adhering to these regulations is only part of the data compliance puzzle. To maintain data compliance, organizations must also take into account internal data governance policies, procedures, and best practices. Here are five steps your organization can take to improve data compliance:
Your data governance framework should be tailored to your organization’s specific needs and objectives. It should delineate roles and responsibilities for those who manage and use data, as well as establish processes for data handling, storage, and destruction.
A data audit will help you understand what data you have, where it came from, and how it’s being used. This information is critical in ensuring that your data is being managed in accordance with your governance framework.
Data quality control measures help to ensure that your data is complete, accurate, and up-to-date. This is important not only for compliance purposes but also for the overall effectiveness of your organization.
Automated data management tools can help to increase efficiency and accuracy in data handling, as well as improve compliance with internal policies and external regulations.
Regular monitoring of your data compliance program will help to identify any areas of improvement. Additionally, reporting on data compliance can help to demonstrate your organization’s commitment to data governance and privacy.
In order to ensure data compliance, it is important to follow the three steps of confidentiality, integrity, and availability, commonly known as the "CIA Triad."
Confidentiality refers to ensuring that only authorized individuals have access to sensitive information. This can be accomplished through various means, such as physical security measures like locked doors and safes, as well as data encryption.
Integrity refers to ensuring that information is accurate and complete. This means verifying the sources of data and using checksums or other methods to ensure that data has not been altered.
Availability refers to ensuring that authorized individuals can access information when they need it. This means having multiple copies of data in case of hardware failure, as well as having redundant systems in place.
In a world where data breaches are becoming more common, organizations need to be proactive in protecting their data. Businesses are under pressure like never before to comply with data privacy and security regulations. The European Union’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) are just two examples of regulations that have organizations scrambling to get their data houses in order.
One way to do this is by using Polar Security, which is an automated data security and compliance platform that helps organizations comply with data privacy regulations. Polar Security is a platform that automates data discovery, classification, and mapping to help organizations understand what personal data they hold and where it resides. This information is critical to comply with data privacy and security regulations.