Over the past decade, we’ve seen a surge in laws designed to address consumer data privacy, yet we’ve also seen a significant rise in data breaches. As these data privacy laws proliferate, data breaches will only become more costly to organizations. The GDPR is well established in the EU for governing data privacy, but many countries are considering data privacy laws similar to the EU’s.
The Cost of Failing to Protect Data Privacy
As data privacy becomes global law, the businesses who fail to protect that data will find themselves not just losing customer loyalty but also facing significant fines. Ensuring you meet the local and global compliance requirements for your business is essential. Alberta’s Personal Information Protection Act (PIPA) governs data privacy for all Calgary organizations, and they explicitly demand that “organizations must take reasonable measures to protect personal information and personal employee information.”
Requirements for Protecting Data
It’s not only physical security that must be addressed. In addition to physical security, PIPA requires “technological security, such as password protection and encryption on computers and mobile devices” as an essential piece of compliance. One of the issues historically with data privacy has been treating it as a separate issue from cybersecurity. Cybersecurity, however, has a huge role to play in ensuring that you can effectively remain compliant in protecting data privacy, whether you’re a small local Calgary business or an international conglomerate.
Calgary-Based, Globally Obligated
You may be a local dental or medical office who only has Calgary-based patients, but any organization, no matter their size or location, can become subject to PIPEDA or GDPR compliance should that business process any information related to an EU citizen. So, for example, if an EU citizen were to inquire about your services and fill out a form providing detailed contact information to get a quote or should someone in the EU sign up for your monthly newsletter, their personal data would be governed by the GDPR, and your company could be fined should you not meet their compliance requirements. GDPR applies to all data, no matter where in the world the company is located, if it involves EU citizens. Your best course of action is to implement powerful cybersecurity measures that protect data regardless of what governing ordinance may apply.
Data Privacy Is Threatened Daily
Phishing attacks through social engineering are designed to find and steal personal and company data. This data is often held hostage through installed ransomware until the organization pays for an encryption key. However, the data itself can be worth hundreds of thousands of dollars on the dark web, and often, it is profitable enough for the cybercriminal to simply take the data and sell it. So organizations must do as much as possible to stop data privacy breaches at the source.
The cost of failing to protect data privacy goes beyond just the measurable costs of ransoms and fines; 60% of small and mid-sized businesses fold within six months of a cyberattack. Those who do not go out of business face damage to their brand and reputation as well as a loss of customer loyalty.
Protect Data Privacy with Stronger Cybersecurity
To improve your data privacy efforts, start with your employees. Most data breaches begin with an employee error.
Need to know: Employees (and third-party vendors) should only have access to the information they must have to do their jobs. There should be no carte blanche access to data.
Physical and data storage policies: Data, whether in a paper file or a digital one, should be properly purged or archived on a regular basis. Shredding paper files is a habit most organizations are comfortable with, but digital files should also be shred when no longer required.
Employee awareness training: Help your employees recognize and react properly to new and inventive phishing tactics. Continual training, not just on what to watch for but in being always mindful and vigilant, should be offered.
Cybersecurity’s Role in Data Privacy
Cybersecurity plays a huge role in data privacy. In addition to providing your employees with the best tools, training, and policies, your organization should also:
Implement multifactor authentication (MFA): MFA is one of many new layers of security that Calgary businesses must consider to thwart additional attacks. MFA makes it virtually impossible for someone to hack into the protected account. This single actin can prevent the majority of data breaches.
Provide comprehensive device management: Mobile device management (MDM) is an essential part of a comprehensive cybersecurity strategy. Regardless of industry, proper device management minimizes risks for your organization. These varied industry examples demonstrate how ubiquitous mobile devices are and the devastation that can occur without proper device management in place.
Partner with an MSP: The role of a managed service provider is essential in both cybersecurity and data privacy. MSPs provide the following layers of protection for your data and network:
- 24/7 monitoring & tech support
- Secure cloud storage and hosting
- Back up and disaster recovery planning
- Asset management – licensing renewals, patching, warranty administration
- Virtual CIO services to ensure that your cybersecurity addresses your data privacy requirements
The ITeam will work with your Alberta business to customize a cost-effective solution and help you develop a comprehensive IT strategy that will help you achieve better data privacy.
Get in touch today to learn more.