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The Ongoing Impact of Data Privacy on an Search …

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March 7, 2020 / Pallavi Dutta Recent Posts

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 2020

Categories

 Android Security
 Anti-fraud
 Anti-phishing tool
 Cloud computing
 Compliance
 COVID-19
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 Cyber Awareness
 Cyber Security
 Data Breach
 database leak
 DDoS Attack
 email security
 Employee Awareness

Why is Data Privacy Important for an Organization?  Hacking

 Impersonation attacks
Before COVID-19 coronavirus took over the news-press, data privacy was one of the major and
 impersonation attacks
critical topics of concern. Like any other societal trend, data privacy seems to work like a pendulum.
It swings to and fro, hitting an apex and then swinging in the opposite direction with increasing  IoT
speed. Data privacy is a matter of bigger issues, it emphasizes building trust and loyalty in users.   ISO 27001

Massive data breaches like  “Collection #1” exposed the data records of around 773 million users to  KPMonitor

the world of cybercriminals. There are various other data breaches that have made headlines for  Malware less attacks
exploiting data records of organizations that were categorized under the Fortune 100 companies.  Mobile Security
Last year in 2019, the French National Data Protection Commission imposed a fine of $57 million on a  network security
renowned US-based multinational technology company for privacy violations under the GDPR!
 People Risk Assessment
 Phishing
Today, the technology has evolved to such an extent that it takes only mere seconds of social media  Ransomware
to spread the news of data privacy violations up in every corner of the world. And the news travels  Ransoware attack
so fast and far that it quickly tarnishes the reputation of a company for its failure in securing user’s
 SMShing
data. This is why it is essential for organizations to protect their integrity and strengthen their
 SQL injection attack
customer’s trust by keeping data privacy as the top priority.
 TAB
Many users are still oblivious of the fact that data privacy is a fundamental right for every one of us
 Threat Alert Button
and even a mere violation of that fundamental right can lead to a massive data breach. You will
 ThreatCop
never know what a data breach is capable of doing to an organization unless you see news headlines
pointing out the big organizations’ names. The names of acclaimed organizations with heavy fines  ThreatCop
imposed on them for disregarding data privacy laws.   Uncategorized
 VAPT
 Vishing

Your organization’s data privacy can become a cause of data breach if not
secured rightly!

The Current Key Challenges in Data Privacy

According to BroadBrandNow, in the year 1995, only 1% of the world had internet access. Whereas
today, that number has reached up to 57% with over 4 billion users of the internet worldwide. Now
imagine the amount of data these 4 billion users have on the online platform! Moreover, what doesn’t
help is the fact that every 2 seconds there is always a new victim of identity theft. 
In a data breaches survey report, it was found that up to 33% of data breaches were recorded in
2018 with a total of 7.9 billion data records exposed. Whereas, not less than 10 months, the research
firm labeled 2019 the “worst year on record” for the most data breach incidents. With companies
experiencing crippling security breaches, the wave of compromised data is also on the rise. 

Here are some recent statistics related to data breaches:

About 4.1 billion records exposed in data breaches in the first half of  2019.
$3.92 million was the average cost of a data breach as of 2019.
The healthcare industry had the highest cost of the data breach at @429 per record. 
Data breaches involve 34% of internal actors.
The average cost of a data breach is $6.3 million in companies with over 50k compromised
records.
In 2020, the average cost of a data breach is expected to exceed  $150 million.
70 million data records were stolen or leaked in 2018 because of a poorly configured  AWS S3
Cloud storage bucket.
Yahoo holds the largest record of data breaches of all time with 3 billion compromised accounts.
It took an average of 314 days in a data breach lifecycle of a malicious criminal attack in 2019.
As per a survey by a security research firm, 24% of data breaches are caused by human errors. 

Apart from these statistics, here the major key challenges that are being faced by organizations
related to data privacy today:

1. Small businesses are increasingly at high risk of data breaches.

2. Third-party breaches have become common in the cyber world.
3. A simple user holds a 27.9% chance of experiencing a data breach which could affect at least
10,000 records! 
4. The financial sector accounts for about 14% of all data breaches.
5. As per expert security research analysis, in 2020, almost 25% of enterprises would succumb to data
breaches through IoT devices. 

How to Conquer the Risks in Data Privacy?

This modern interconnected world might leave organizations vulnerable to the threats growing from
instances of cybercrimes. With new cyber threats emerging every day, the risk of data being
unsecure online is becoming more dangerous than ever for every organization. 
Many large companies have fallen victim to such cybercrime schemes and have lost a good amount
of revenue on lawsuits in recovering their losses. Thus, it is highly crucial to set permissions on files
and dispose of the stale data.  For the protection and security of data, more severe consequences
are being enforced as strict legislation is being passed in every region across the globe. Companies
should take note of enacting and implementing data privacy rules and regulations to users and their
private information. 

It is advisory to implement better controls over organizations’ access and right to store the data of
their users. Keeping proper data classification and governance adequately is highly beneficial in
maintaining compliance management with data privacy laws like GDPR, HIPAA, ISO 27001, PCI DSS,
and more. Besides this, the government of India has also proposed the groundbreaking data privacy
laws in India akin to Europe’s GDPR. 

As per the data privacy law, the technology companies in India will require to get consent from
citizens prior to collecting and processing their personal information. It is essentially required to be
enacted as any personal data that is sensitive for someone, could be further maliciously used by
anyone with vicious intent. The personal information could be any of these following types of data
privacy categories:

1. Online Privacy: Personal data of

the user that is handed over during
online interaction. 
2. Financial Privacy: Financial
information or record shared online
or offline can be used for
fraudulent practice.
3. Medical Privacy: Confidential
details of medical treatment or
history of privileged information
should not be disclosed to the third
party. 
4. Residential Privacy Records:
Would you give away your data privacy this easily?
Sharing of address online can lead
to potential risk of unauthorized
access.
In order to protect such kinds of data from being hacked or misused, it is important to follow the best
practices possible. Here are some guidelines to help in ensuring  data privacy in an organization:

Set a formal procedure in place to handle access requests to personal data.

Have a habit of keeping minimal data collection and storage.
Do not hand over your credentials to any third party website.
Implement strong data security policies and laws for the privacy purpose.
Leave no space for vulnerabilities in the network and IT infrastructure.
Educate employees on security and privacy issues for creating a cyber secure working environment.
Enforce strong password usage to stop hackers from getting unauthorized access into your
systems.

For any organization, data is recognized as a crucial corporate asset which needs to be
safeguarded. By following these above stated guidelines, any organization can have strong data
security to mitigate the loss of information which directly leads to financial losses. 

What are your opinions on data privacy in this current scenario?

Let us know by commenting below! 

Thank you for giving your valuable time to read this blog.  Hope you had a good read!

Pallavi Dutta
See author's posts

Posted in Compliance, Data Breach / Tagged Data breach, data privacy, data security, GDPR, HIPPA,
managed compliance, PCI DSS

 Social Engineering Attack: Hack to Manipulate IoT in India: The Next Big Wave to Hit
Human Psychology  Cybersecurity  
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