By Astrid Gobardhan, Data Privacy Officer at VFS Global
Economies and businesses are becoming proactively prudent about managing data, but your personal information is still vulnerable. Despite the increased awareness and collective intent to safeguard data, inadequate, ambiguous or poor data security management systems have led to a rise in data breaches recently.
According to a report by IBM and Ponemon Institute, the average cost of a data breach touched a record high of US$4.35 million in 2022. The researchers arrived at the staggering number based on several cost factors such as legal, regulatory, and technical activities, loss of brand equity, customer turnover, and drain on employee productivity. More than financial losses, data privacy breach or non-compliance could have an irreparable toll on an organization’s reputation and erode stakeholder trust.
Given the rise in cybercrimes, organizations need a two-pronged strategy. First, however robust your security systems may be, it is imperative to keep updating them. More essentially, the leadership should focus on strengthening their defenses by looking ahead, predicting the emergence of future cyberthreats, and comprehending the wealth of new defensive capabilities that businesses can use both now and in the future. Here are five industry trends on data privacy this year: