Development of the Principles of Data Security and Privacy in Business Life

Principles of Data Security and Privacy in Business Life:

Brands utilize various data to analyze the changing customer demands and needs.  With the frequent use of mobile devices in daily life, potential customers have started to leave digital footprints, which are precious for institutions. Organizations chasing success in our changing world must securely collect, analyze, and store this data to get insight.

Principles of data security and privacy became important for any institution that goes through digitalization process.  Today, the automation of routine processes, active use of online spaces, and digital systems have made the privacy and data security critical issues for both businesses and customers. In this article, we discussed several key strategies you can implement to improve data security and privacy in your business.

Actions to Be Taken to Improve Data Security and Privacy

Businesses need to develop data-driven strategies to survive in the global competitive environment. Furthermore, it is important for organizations to take the necessary measures to collect, analyze and store such data.  You can adopt the following strategies to securely store data:

● Strict access controls: Creating unique login credentials for each employee in your organization is substantial for security. You must continuously update and control the access to sensitive information.  Revoking access of the employees who are leaving the company or getting new roles is also essential.

● Special encryption of sensitive information: A plain text with sensitive information can be encrypted in a way that parties can understand.  Encrypting the sensitive data such as financial information, credentials, etc. helps you to suffer less damage in any cyber attack.

● Data back up: Regular data back up is significant, as it ensures minimum impact from data breaches or losses.  Thus, you can achieve data security and privacy more effectively.

● Periodical performance of security controls:  Weak passwords, vulnerable systems and outdated software need to be tested constantly. You can measure effects of an actual cyber attack through simulation applications. That will allow you to identify vulnerabilities, upgrade systems and ensure data security.

● Cyber security insurance: You can minimize damage with the insurances that will make you feel financially secure following a data breach or security gap. While getting insured, you must carefully examine the policy and make sure that it provides effective protection against all possible risks.

Methods of Data Security and Privacy

It is necessary to follow some methods for obtaining, analyzing and storing data and achieving data security. Being aware of these methods and choosing the one suitable for their business structure are of critical importance for organizations while taking precautions against cyber attacks.

Some of the methods that ensure data security are as follows:

1. Encryption : Encryption can be defined as the conversion of data into a different form with a key, using mathematical methods.  DES, AES and RSA are the most common encryption algorithms.  AES can be used for both encrypting data and decrypting the encrypted messages.

2. Authentication: Credentials are usually confidential. They are known by only their owners and the system. The authentication method is frequently used in healthcare and banking industries. 

3. Authentication system requires user name and password for login.  Preferred authentication methods are biometric data such as fingerprint, retina, face recognition and voice analysis.

4. De-identification:  It is essential for data collection, archiving and storage. This method allows only the storage of data without any related credentials.  Thus, it prevents the data obtained from being matched with specific credentials. The statistical methods such as K-anonymity, L-diversity and T-closeness.

5. Authorization and access control:  It indicates the actions in an access control list which can be performed by users.  This method allows users to perform the actions included in the list as they log in to the system. On the other hand, other actions are subjected to an authorization limit. There are three basic elements in the access policy: compulsory, optional and distribution according to roles.

6. Logging Logging method allows monitoring of the changed data and yields successful results when implemented thoroughly. Logging provides a list of the details of all processes made in the database.  In log records, cyber attacks and incorrect use of database are detected. The logging system also provides insights to the employees against possible future risks.

7. Blockchain: Blockchains are secure distributed ledgers containing information. Different users hold each blockchain ledger, preventing any change without the consent of all users in the chain. It is a distributed database where ledgers are regularly processed, stored and added to the chain.

8. Data Mining Techniques: Data mining ensures accurate analysis of the privacy and security information extracted from big data.  It can be used to predict attacks without any actual interference with the data. It provides effective results when monitoring the actions and taking precautions through the cyber attack detection app.

In today’s digital world, collecting, storing, analyzing and archiving data are necessary to understand customers, get a competitive advantage and increase efficiency. Organizations must have the capacity to store the data of their customers and employees with advanced equipment and methods.

Both large and small businesses need various data to reduce costs, make the right decisions, and understand the changing customer profile.  We compiled the methods you can use to collect and store such data properly.  Unlike traditional methods, cloud computing technologies provide high-level data security.  You can also use Weoll, which provides cloud computing technologies and SSO (single sign-on) authentication solutions, for the security of your company’s data.