As companies embrace remote access, bring-your-own-device (BYOD), the Internet of Things and other technologies, it becomes increasingly hard to keep data private. Data storage and management requires solid infrastructure, strong security controls, a thorough monitoring, and well-thought out data governance policies. Enterprises may also have to comply with a variety of privacy laws at different levels, including those created by government, industry, and the region. This can make data privacy difficult and requires periodic risk assessment and updates.

Individuals are in control of the way in which their personal data is stored, collected, and used. It assists companies in establishing trust, keep ethical behavior and promote innovation while protecting the individual’s autonomy. Data privacy is vital for safeguarding personal data, creating trust and ensuring compliance with the law, regulations and business continuity.

Data security protects sensitive data against unauthorised access, loss or theft over the course of its life. It involves procedures and practices such as encryption, hashing, and tokenization to safeguard data at rest and in motion. It also includes authentication and authorization processes that verify an individual’s identity to determine whether they can access data. For instance using multi-factor authentication, it can ensure that only authorized personnel have access to your company’s sensitive data. It also stops malicious actors from gaining access to sensitive files by rendering them unreadable. This reduces the chance of a breach and prevent damage to virtual data room comparison intellectual property and confidential communications, or impact data analytics. Many businesses underestimate the importance of the complexity of data security and do not put enough resources into it despite its importance.