Data from eight million users of Cash App Investing customers, including names and brokerage account numbers, was compromised in April 2022 after a former employee downloaded confidential reports. Unfortunately, data security breaches like this are too common. Cybersecurity threats happen with just the smallest human error—and wreak havoc on your business’s finances and reputation. In a 2021 IBM research report, the average cost of a security breach went up 10% to $4.24 million.

Data privacy is one of the major trends in a highly digitalized world. As products and services become more digital, there is more concern about misuse of data and personal information. Countries around the world are passing laws concerning data privacy, and some of these laws are industry-specific. In this article, we will approach the topic of data privacy for businesses.

Data protection is giving more and more headaches to businesses. Data privacy regulations are profoundly affecting the way organizations approach their data security. However, fines for improper data management is not the sole reason why companies are enhancing data protection methods. Namely, customers are more aware than ever of how their data is being handled, and they are increasingly interested in how organizations approach data protection.

While data security has been an important topic since the internet’s inception, the issue is experiencing renewed prominence as platforms collect and struggle to secure copious amounts of personal information and prevent cyberthreats at the same time. The early 2000s were characterized by unprecedented growth and participation in the digital data economy, but the 2010s saw the creeping consequences of this ecosystem.

As companies face challenges to manage secure messaging around the world, data protection solutions are becoming part of the new normal and, more than ever, businesses are mastering the way data can target audiences more precisely and accurately. The problem is that, in 2020, hackers proved they can redirect cyberattacks from individuals and small businesses to major corporations, governments and critical infrastructure.

As companies went fully remote, keeping teams connected has become their top priority. The need for digital communication apps led companies to choose popular tools, like Whatsapp, Slack, MS Teams, and Cloud-based apps. While extremely popular, such tools also offer serious security risks. So how can companies deal with sensitive information in a secure manner?

Because the global economy has transitioned from manufacturing to one based in knowledge, cyberattacks are now the fastest-growing crime in the world and are expected to cost businesses and governments $6 trillion a year by 2021. Today, a company’s most valuable assets are its intellectual property and proprietary data.