Data security concerns safeguarding data against unauthorized access that could result in identity theft or fraudulent credit card charges or privacy intrusion. This includes encrypting sensitive data by using access controls and using multi-factor authentication to ensure that only authorized staff have access to sensitive information, such as PINs or passwords.

On the other side privacy protection is about individuals having control over the personal information they have that is collected as well as shared and transferred. This includes the right to request deletion, change or delete their information, and set the way it’s used. It is also required to comply with regulations such as GDPR and CCPA.

Both are crucial to the success of an organization, despite the distinction made between privacy and security. When companies expose sensitive information or breach information, they risk losing the trust of their customers. A solid data privacy policy and framework can help reduce the number of breaches, allowing companies to avoid costly penalties, fines, and lawsuits.

The first step to ensure both data privacy and security is to identify and classify all sensitive information that an organization has that is personally identifiable (PII) and non-PII. Conducting formal risk assessments and regular security audits are a good way to aid in this process. Additionally, using a data discovery tool to scan all systems and repositories for PII is an effective method of getting an understanding of what information is accessible and how it’s accessed by employees. Data privacy and security can then be streamlined through a policy framework that considers https://indexdataroom.blog/virtual-data-room-comparison-for-companies-security/ all aspects of how an organization collects or stores, uses, and shares data.