When data is today’s new currency, it makes cybersecurity’s role fundamental to the continued success of businesses large and small. While organizations use data to conduct and run their business and leverage the technology that comes with going digital, a recent survey by PwC (2018 Global State of Information Security Survey (GSISS)) shows that organizations aren’t doing all they can do to protect data.
If we look at third party risks, less than half (46%) of organizations conduct compliance audits to ensure third parties have the capacity to protect data; at the same time the same percentage (46%) of organizations require third parties to comply with their privacy policies.
Cyber and privacy risk management go hand in hand, and as that data grows so do the risks involved. Lack of awareness about data collection and retention activities make unclear if data has been compromised or not, since knowledge of where that data is or how it is being stored are unknown.
You can’t identify a threat or what data has been accessed or taken without eyes on that data; which you can’t have if you don’t know who’s seeing it, where it’s being allocated and how it’s being collected and/or used. This is why assessing your network and data storage areas is so important.
Interestingly enough, according to PwC 21st Global CEO Survey, senior executives recognize the rising stakes of cyber insecurity. The survey reveals that executives entered cyber threats as the top five threats to growth for the third time, with 40% of CEOs saying they were extremely concerned about this (up form 25% from last year’s Survey).
Also, something to note is that 87% of global CEOs say they are investing in cybersecurity, and 81% say they are creating transparency in the usage and storage of data. However, less than half are taking these actions “to a large extent” and for North America, 22% of organizations are “not at all” creating transparency in the usage and storage of data.
Transparency is important to build trust, and trust is important if organizations want customers to feel safe and keep doing business with them. PwC’s 2017 US Consumer Intelligence Series survey shows that only 25% of consumers say they believe most companies handle sensitive personal data responsibly.
Imagine what this means for organizations who can show they are doing everything they can to handle data responsibly and securely; it means more customers and long-term retention, which means business growth for the long-run.
Advanced authentication was also mentioned in the PwC’s survey as a way that works to help businesses acquire trust. The survey reveals that half of organizations find advanced authentication to improve their customer and business partner confidence, while 48% has found it reduces fraud and 41% that it has improved the customer experience.
There are so many ways businesses can go to ensure protection from advanced threats and how to keep data privacy at its best, and risks at bay. If you’re ready to get your data and risk management on track and stop insecurity, let us know.
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