In today’s digital landscape, data has become the most valuable asset for businesses and organizations. Companies like Google, Meta, Amazon, and Flipkart have leveraged this by effectively harnessing vast amounts of user data to drive their growth. They utilize this data to inform strategic decisions, develop sophisticated algorithms, and tailor their services to the specific needs and preferences of their target audiences.
Data privacy is the protection of personal data, while data protection is about protecting data from unauthorized access. However, in today’s data-rich environment, ensuring both privacy and protection is the critical responsibility of an organization.
Many countries have enacted legislation to safeguard data privacy. Some examples of data protection laws include:
- General Data Protection Regulation (GDPR): An EU law that gives individuals more rights and control over their personal data and for non-compliance, with fines reaching up to €20 million or 4% of annual global turnover, whichever is higher.
- California Consumer Privacy Act (CCPA): A state law that protects Californians’ rights to not have their data sold by companies.
- Digital Personal Data Protection Act (DPDP): The recent enactment of the 2023 DPDP in India underscores the growing importance of responsible data handling. This legislation regulates the processing of digital personal data for goods and services offered within India.
Even with all the laws of the land, ransomware and extortion breaches surged by 32% in 2024, with ransomware was a top threat in 92% of industries according to the Verizon 2025 Data Breach Investigations Report.
The growing costs of a data breach
The 2024 Cost of a Data Breach Report by IBM revealed that the average cost of a data breach globally was $4.88 million, a 10% increase over last year and highest total ever. A staggering 82% of breaches involved human error, such as phishing attacks or accidental data exposure (https://www.verizon.com/about/news/2023-data-breach-investigations-report).
According to a 2020 survey by McKinsey, 87% of consumers indicated they would not do business with a company if they had concerns about its data security practices. Data protection is not only a legal obligation but also a business requirement. Organizations must adopt a proactive approach to data privacy and security so that they can safeguard their assets, maintain customer trust, and showcase growth potential in a data-driven world.
Effective data protection requires a multi-layered approach, encompassing robust security measures and well-defined policies for example implementing access controls to limit data exposure only to authorized personnel and safeguards against theft, corruption and accidental disclosure.
Steps to proactive data security
Business organizations need to start with a comprehensive assessment of their data inventory to understand the requirements that come with the types of data they are handling, for example, PII (Personal Identifiable Information) versus Protected Health Information(PHI) and identify data locations (cloud, on-premises). Then the next step is to assess the data sensitivity levels (for example confidential, classified) and analyze the security posture to evaluate regulatory compliance requirements like GDPR or HIPPA.
Selecting the right combination of data protection and data loss prevention (DLP) tools requires in-depth expertise. This evaluation process involves multiple factors including:
- Functionality: The specific features like data discovery for structured and unstructured data, classification, monitoring, and response mechanisms.
- Deployment Flexibility: Options for on-premises, cloud-based, or hybrid deployments to best suit the organization’s infrastructure.
- Integration Capabilities: Seamless compatibility with existing security systems like Security Information and Event Management (SIEM), etc.
- Scalability: The ability to accommodate growing data volumes and evolving security needs.
- Vendor Reputation: The vendor’s track record, customer support.
As a leading service provider, we specialize in delivering comprehensive data protection solutions. We collaborate closely with our clients to implement robust data protection strategies, leveraging Microsoft technologies and integrating best-in-class DLP tools.
Our phased approach ensures a smooth and successful implementation. We begin with a thorough data discovery and classification process, followed by meticulous data cataloguing. This structured methodology facilitates a seamless transition to ongoing operations, enabling robust data governance and compliance within our clients’ environments.
The CyberProof Data Security service is a comprehensive solution that helps to protect the integrity of sensitive data and conformance to regulatory compliance preventing unauthorized sharing or exposure of critical data. Learn more here.
