Data privacy and Cyber Security are critical for data protection  

Sudhir Sahu, Founder and CEO, Data Safeguard Inc.
 

"Enterprises are realizing a different approach to better Data Protection, Data Privacy is becoming the first line of defense while Cyber Security continues to provide security layers to keep hackers out and reduce data breaches."

Our valuable PII and PHI data are at risk, individuals, enterprises and governments are worried and regularly working on improving Data Protection.

20 years back, as Data Privacy and Cyber Security became relevant, enterprises around the globe chose to spend their budgets on Cyber Security with layers of security to keep hackers out and prevent data breaches.

20 years forward, the world became increasingly digitized, data volume grew exponentially and hackers became smarter and access to data became easier. Cyber Security isn’t able to protect data anymore, network security, application security and data security is not addressing the core issue of protecting the data at source.

COVID, turbo charged explosion of data digitization, global enterprises increased their spend budget to protect their data environments but Medium to small companies couldn’t afford the same spend budget to protect their data environments. Higher volume of data on disparate data environments, made it easier for hackers to breach PII and PHI data. Aside from selling the PII and PHI data on the dark web, hackers created the new financial crime nemesis – Synthetic Fraud. Synthetic Fraud losses are over $3T dollars in 2023, inflicted by creation of Frankenstein Identities.

Data breaches are common in today’s world, hackers have tools and knowhow to breach into highly secured data environments, small to medium sized companies don’t have the ability to stand up to the constant attacks into their networks to steal valuable data.

Data Privacy and Cyber Security have become top concerns for individuals, businesses, and governments alike. Data privacy is the right of individuals to control how their personal information is collected, used, and shared. Cyber security, on the other hand, is the practice of protecting electronic information from unauthorized access or theft.

Data privacy and Cyber Security are two of the most important aspects of data protection. Data privacy ensures that individuals have control over their personal information, while Cyber Security protects electronic information from unauthorized access or theft. Hacker community has become sophisticated with significant investments from organized crime syndicates.

Enterprises are realizing a different approach to better Data Protection, Data Privacy is becoming the first line of defense while Cyber Security continues to provide security layers to keep hackers out and reduce data breaches.

Data Privacy is changing the game, protects the data elements at source and in case of a breach, hackers don’t get access to the valuable data, is helping reduce data breaches. Enterprises are shifting their data protection spend budget towards Data Privacy to meet compliance, and increase customer confidence.

Individuals can take steps to protect their own data privacy, such as being careful about what information they share online and with whom they share it. Businesses can protect data better by implementing policies and procedures to safeguard customer and employee data. And governments can protect data better by enacting and enforcing laws and regulations. Regulation agencies around the world are constantly working on providing guidance and imposing fines to enforce Data Privacy compliance.

Today’s digital data world needs to combine Data Privacy and Cyber Security for better data protection. Data Privacy is an important issue that deserves our attention and action by individuals, enterprises and governments around the world. By Data Privacy compliance solutions, we can help keep our personal and sensitive information safe and secure.

Over the course of next 5 years, over 5 billion people round the globe will be impacted by their personal data being stolen and used to create fraud, more than 5 million enterprises will be fined for not meeting Data Privacy compliance, more than 100 countries will implement Data Privacy compliance laws and regulations to curb data breaches.

Data Safeguard is a global market leader in Data Privacy and Synthetic Fraud solutions. It’s market leading products ID-REDACT and ID-MASK have won global recognition from Microsoft as well as other large companies.

Data Safeguard is a winner of “Most Innovative Data Privacy and Compliance Solution Company for 2023” by Wealth and Finance International.

Data Safeguard is a winner of “Most Fundable Company for 2023” by Pepperdine University.