In 2006, the Council of Europe decided to launch a day that celebrated the concept of data privacy. As this is such a critical topic, Data Privacy Day (known as Data Protection Day in the UK), naturally grew in popularity and is now celebrated internationally as industries come together to emphasize the importance of adequate data protection.
On this notable day in the cyber-calendar, businesses, governments and data regulation bodies undertake informative campaigns to better educate enterprises and consumers on best practices in data security hygiene.
Data Privacy Day serves as a reminder that personal data is sensitive and should be treated as such. However, it is essential to remember that protecting data is more than a once-a-year event. Instead, data security should be an ongoing process wherever data may be present. While the discourse surrounding data security has evolved, the rising value of data has made the topic one of the most important aspects of the modern world, especially privacy.
Privacy laws have been emerging rapidly, with governments developing data privacy laws locally, nationally and internationally. Regulations also vary depending on industry. Still, there are several key concepts that must be considered and these generally cover visibility aspects of data processing, for example. Regulations such as the EU’s GDPR, California’s CCPA and the healthcare act HIPAA all empower individuals with the right to be informed in the event of a data breach, as well as offering the right to know what data is being collected for what purposes.
Indeed, as individuals are granted more power to control their data, the importance of Data Privacy Day increases. This is because, despite the daily importance of securing consumer’s personally identifiable information (PII), many are unfortunately unaware of how much power their data holds. In fact, 2020 saw several high-profile data breaches lead in the UK being punished by nearly £200 million of FCA fines. Some examples of this are the huge Goldman Sachs fine of £96.6 million and a £38 million fine for Commerzbank who allegedly failed to implement money-laundering controls.
While maintaining and championing data security is a full-time task, it is one that must be prioritized, not just an afterthought one day a year.
There are several solutions on the market that can help you put your customer’s data first and foremost. One example is deploying a datacentric security approach. This proves that your organization is prioritizing customer trust by establishing adequate controls around data security processes that go above and beyond regulatory compliance. Indeed, it is important to remember that the data itself must be secured through a data-centric security mechanism such as encryption, or tokenization.
As we repeatedly see, it is not enough to put perimeter defense around data as once this is breached, the data is in the hands of the cybercriminals and it is already too late. Instead, by securing the data itself, you can assure your clients that you are taking their data privacy seriously, and even in the event of a data breach, that information would remain protected.
Act on this Data Privacy Day by exploring your data security options before it is too late!
Enjoy this post? Check out our 8 data privacy tips for Data Privacy Day!