Privacy is generally seen as a fundamental human right, but how private can it really be, with so much of our personal data in cyberspace now? Data is everywhere, and it continues to expand rapidly with increasing Internet use, an increase in cloud technology, and our rising dependency on IoT devices. Cybercriminals, who are especially interested in having access to personally identifiable information (PII) that they can easily monetize and use for fraudulent purposes, have not overlooked the importance of data. The dilemma we face is that, while our digitized world is largely made possible by data sharing, we want to preserve our fundamental right to privacy as individuals. This is where data security comes in. It has evolved to become a prominent dimension of the overall functioning of enterprises worldwide.
Data privacy laws set in place safeguards for how our information is used by corporations. However, data regulation has changed significantly over the past two decades to keep up with rapid technological advances and the increase in online activity.
Owing to the sheer volumes of PII and sensitive data with them, companies are more heavily regulated in some sectors, such as financial services and healthcare. This not only makes these industries a primary cybercrime target but the amount of organized and historical data that these organizations store also justifies investments in machine learning and big data technology, further complicating the data security challenges. In the past few years, the financial services industry has seen dramatic growth in advanced technology and, despite our need for privacy, it seems like we can’t get enough of digital solutions.
For several years, clients have trusted banks and healthcare organizations to maintain their most confidential personal and financial details. The difference now is that the routes to access that data have multiplied in a highly-connected and digitized environment, making it far more vulnerable to a hack. Not surprisingly, especially for these sectors, there are a variety of data protection regulations in effect. A case in point is the Health Insurance Portability and Accountability Act (HIPAA).
In any industry, a data breach can have devastating effects, but many organizations have based their customer base on trust in larger legacy industries, such as banking. A publicly reported data breach could undermine that trust, not to mention significant financial penalties, with so many tech newcomers waiting to take their clients.
We should expect to see new privacy regulations being implemented as competition in these sectors continues to drive innovation and produce more data and as organizations plan their infrastructures for more connectivity.
Data Security Is Evolving
Data privacy laws have adapted to the ever-growing data volumes and, in much the same way, to protect the environments in which the data resides, data security has evolved. Data protection is a vital aspect of all laws on privacy.
Offering data discovery and data monitoring tools is no longer enough to protect your data and ensure your privacy remains intact due to the global transition to cloud computing and the extensive adoption of SaaS applications and APIs. Enterprises need to take so much more into account than just database security when it comes to managing compliance. To secure their vital financial systems and confidential customer data, they should follow an integrated approach that incorporates edge, device, and data protection.