This article will highlight all the reasons why enterprises should adopt stringent data security measures to safeguard themselves.
The Evolving Threat Landscape
Today, cyber threats are extremely advanced and continue to evolve at an alarming rate. They have grown to exploit any vulnerability in a system, and are hard to detect and defend against without proper security measures in place.
Advanced Persistent Threats (APTs):
Using phishing emails, infected files, or taking advantage of app vulnerabilities, Attackers gain access to the target organization’s network. They may then install malware and create backdoors, looking to deepen their access. Once in a good position, the attackers monitor, intercept, or steal sensitive data.
Supply Chain Attacks:
Here, the attackers take advantage of third-party software to gain access to sensitive data of the enterprise.
Ransomware as a Service (RaaS):
Ransomware as a service is a business model in which ransomware developers sell tailored ransomware or malware code to hackers.
AI-Powered Attacks:
AI-powered cyber attacks leverage AI or machine learning programs to aid an attack. They can be used to scan for vulnerabilities, create ransomware code, and more.
Social Engineering Techniques:
Social engineering refers to all the malicious methods that are accomplished through human interactions. It can include Baiting, Scareware, Pretexting, Phishing, and more.
Zero-Day Exploits:
Zero-day exploits are cyber attacks where attackers take advantage of any vulnerabilities in the program. While bugs and vulnerabilities are often caught, the attack takes place before a patch update can be released.
Cloud-Based Threats:
Cloud-based storage has revolutionized how we store and access data. While such advancements are extremely beneficial, they also give rise to new types of threats such as Data breaches, Denial-of-service (DoS) attacks, Insider threats, Insecure APIs, and more.
IoT Vulnerabilities:
IoT, or the Internet of Things, is a network of physical devices that are connected to the Internet. By connecting your devices to the internet, you also risk being exposed to malicious cyber threats and attacks.
Data Security as a Strategic Priority For Enterprises
Today, data security is always considered across all organizational departments and levels. Top-level seniors play a huge role in cultivating a culture prioritizes security in everything they do.
Data breaches and other data security-related issues have an unforgiving nature. These call for a proactive approach over a reactive one. Regular risk assistance, security audits, and related R&D may be intensive but take only a fraction of what a data breach would cost.
Data Security: Key Practices
Data Security is always given high consideration. Enterprises invest a lot of resources to set up a system that enforces data security that is effective and future-proof.
Establishing a cybersecurity policy
Enterprises need to enforce a cybersecurity policy that dictates clearance levels, regulates user activity, and protocols that must be followed.
Implementing strong access controls
Having defined access regulations and mechanisms such as multi-factor authentication, strong passwords are highly effective in preventing unauthorized access.
Encrypting sensitive data
Encrypting sensitive data includes using advanced algorithms to scramble data to protect it from unauthorized access. It is a highly effective security measure critical to preventing data breaches and regulatory compliance.
Regular security audits
Security options are important routines that help monitor the integrity of all security measures put in place. It also allows organizations to identify and rectify any vulnerabilities within their security system.
Data Shredding
Data Shredding is the process of permanently destroying digital data to prevent the chances of recovery. As organizations discard drives that used to carry sensitive information, it is important to make sure that it cannot be recovered after disposal.
To meet compliance standards, they may choose from one of several shredding patterns such as the North Atlantic Treaty (NATO) standard, Peter Gutmann Secure Deletion, DoD 5220.22-M, DoD 5220.22-M, etc.
Also Read: Corporate Role in Reducing Carbon Footprint
The Role Of Data Disposal in Data Security
Data is much more vulnerable after a storage drive is discarded. When a storage drive reaches the end of its life cycle, strict measures must be taken to ensure that sensitive data cannot be accessed afterward.
Even if formatted multiple times, there is still a chance for residual data to be extracted. This calls for appropriate data destruction practices.
There are a few options when a device reaches the end of its life cycle-
A. Drive Disposal- If laptops or old HDDs/SDDs are disposed of carelessly, you may have data on them that can be recovered (even after formatting).
B. Drive Recycling- If a laptop system or drive is passed on from one employee to another there is always a risk of confidential data being recovered or exposed.
Organizational Risks Of Poor Data Disposal Practices
While good data disposal methods won’t boost an enterprise’s productivity, it will certainly protect it from all sorts of risks and threats. Without appropriate disposal methods, organizations expose themselves to all sorts of risks, including-
Increased cybersecurity risks
Residual data can be left over if proper disposal methods are not adopted, this poses a threat as unauthorized individuals can recover the leftover information and use it. This could lead to other data breaches and cybersecurity threats
Legal Repercussions
As discussed earlier, simple data breaches or cyber-attacks made possible due to poor data destruction methods could lead to organizations getting heavily penalized if confidential data is released.
Recognizing the dangers of data breaches and security threats, countries across the world have introduced strict regulations to be followed-
GDPR (General Data Protection Regulation): It was created in the interest of protecting individual personal data and is enforced in organizations that hold the data of EU citizens.
CCPA (California Consumer Privacy Act): Enforced in the interest of California residents, to help protect personal information.
HIPAA (Health Insurance Portability and Accountability Act): Controls the management of protected health information (PHI), with the interest of patient privacy and data security in the healthcare sector.
PCI DSS (Payment Card Industry Data Security Standard): aims to uphold the cardholder data security by entities that process, transmit, or store card information.
ISO 27001: Governs the management of information security controls at an international scale.
Damaged Brand Image
The brand image is always at risk when an organization is found to be guilty of non-compliance. Moreover, building a brand is an extremely slow process, and negative news is hard to recover from.
Financial Consequences
Apart from company stock losing value, legal repercussions and negative PR can lead to companies’ finances as they may be liable to pay legal fees and fines and invest in several strategies to regain lost customers or clients.
Organizational Challenges
Now that we understand the importance of having good data disposal practices in place, lets go over some of the challenges to be considered beforehand.
Defining Clear Policies and Procedures:
The lack of clear disposal policies and procedures leaves a lot of grey areas that leave room for errors and improper procedures. While creating policies regarding data disposal, data destruction, or e-waste management, the following should be considered.
- Regulation compliance
- Roles and responsibilities
- Documentation
- Budget and resources
- Data classification based on sensitivity
- Alignment with a broadened IT/security framework
Legal Compliance:
Organizations need to be well-versed with the governing regulations. If caught violating any laws or regulations, they could face severe consequences depending on the nature of the charge. Following all the required regulations will keep the enterprise out of trouble and ensure that all data is protected.
Employee Training:
Employee awareness is the cornerstone of all operations. Un-trained employees may cause more issues if they are not educated on the appropriate disposal procedures. They will need to be educated and updated regularly.
Monitoring and Auditing at Scale:
Data must be highly regulated and controlled within an enterprise. However, it can be challenging to implement it at scale.
Organizations must monitor and document all data sanitization and disposal procedures at all levels in the interest of data security and meeting compliance standards.
Conclusion
Data security is a very crucial responsibility for enterprises and customers alike. Any form of data breach can have severe repercussions for all parties involved and calls for extreme caution. We hope that organizations take the initiative to constantly review and improve ongoing systems and policies.
