Data security is the protection of data from unauthorized access, which could lead to identity fraud or credit card charges that are fraudulent or privacy infringement. This includes encrypting data using access control, and setting up multi-factor authentication (MFA) to ensure that only authorized personnel have access to sensitive information like passwords or personal identification numbers (PINs).

On the other side, privacy protection is about individuals having the right to exercise control over their personal data collected, used, shared, and transferred. Users can request deletion, edit their information, or change the manner in which it’s used. It also requires compliance to regulations like GDPR or CCPA.

Despite the differences between security and privacy both are essential for the organization’s operation. Customer trust is at stake when companies breach sensitive data or expose sensitive information to unauthorised individuals. A strong data privacy framework and practice can cut down on the number of breaches, and help companies to avoid expensive fines, penalties, and lawsuits.

The first step in ensuring both data privacy and security is to identify and classify all sensitive information a company holds including personally identifiable information (PII) and non-PII. This process can be helped by conducting formal risk assessments as well as conducting regular security audits. Utilizing a tool for data discovery can be a good method of determining https://indexdataroom.blog/types-of-private-equity-the-basics the information available and how employees are accessing it. Data security and privacy can be made easier by implementing a policy framework that considers the various aspects of how an organization collects data, stores, processes and shares data.

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