Understanding the difference between security & privacy

Do you understand the importance of security, privacy and identity among your customers?

Author: Eija Paajanen
Date: 18.05.2015
Read Time: 1 Minutes

Allen Scott, the Managing Director for our UK operations comments on the Gartner top ten strategic technology trends for 2015, where all roads to the digital future lead through security.

Security to us means protecting information from danger and unauthorized access. Privacy on the other hand – in regards to data – is the protection of that data.

If a company happens to leak out people’s private data, the financial loss is not limited to the loss of business – you can also be fined for breaking the Data Regulation Act of the EU. Reputation loss will also indirectly affect your bottom line.

Let’s hear what Allen has to say about this topic, and more about what best practices there are to avoid data leakage:

The biggest impact on business, however, comes from trust. Trust is something that is very hard to gain from a consumer. And once you lose that trust it takes you 100 times more effort to get that back.

Therefore, protecting people’s privacy and identity has become more and more important to companies as consumers turn away from companies they do not trust to keep their data intact. Data protection is no longer just an internal thing, but a serious business enabler, or limitation, in case you don’t take care of it properly.

According to a study, eight out of ten of the big companies have actually been subject to serious hacks. And if you look at it from the big company’s perspective where those hacks have come through is often through the supply chain. This means that the smaller companies are often unwillingly targets and pathways for the cybercriminals.

 


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