Security and privacy are two of the most important components in a company’s risk management strategies. Together, they protect sensitive information while ensuring it is always accessible. In the event of a data breach, organizations could face significant risk. They may also lose valuable assets. Data security helps ensure the integrity of data and privacy policies set standards for when and how personal information can be used and collected.

In the technologically-driven world of today, companies have access an abundance of consumer data. As a result, a lot of consumers are concerned about how their personal information is being used and whether it is secure. A single data breach can ruin years of trust and cause negative publicity, which can harm businesses in the long run. Prioritizing privacy and protection of data can help companies build trust to their customers and gain an advantage in the marketplace.

Data privacy is also referred to as information security. It concerns the safe storage and processing of personal data. It is centered around the rights of individuals to control and influence what information is collected about them, the way it is used as well as who can access it and when it may be shared with others. It is often addressed through government and industry regulations such as GDPR in Europe or the California Consumer Privacy Act (CCPA) in the United States. Privacy protection encompasses compliance with such laws and regulations, as well as making sure that data is secure and encrypted at all times.