Why is it important to protect our Data - Avoiding Data Theft - A D A Dharmasiri

Information or we could say Data has become the most valuable commodity in this fast-moving tech-oriented world. In the old days information was gathered manually, printed, filed, and stacked in huge cupboards. This method of Data gathering and storing has drastically transformed with the rise of Digitalization information is digitally entered and stored as accessible digital files. Though this transition seems smoother and more secure than the old methods this too has been challenging when it comes to Data Security. Therefore, this critically affects the Human Resources Department of an organization as they hold both financial and personal confidential data of employees as well as employers. Thus, it is important asses on the safety of these critical data. 

In an organization securing its confidential data is vital as it may cause unexpected damage if the data is not secured under the proper protocols. 

Information or we could say Data has become the most valuable commodity in this fast-moving tech-oriented world. In the old days information was gathered manually, printed, filed, and stacked in Hugh cupboards. This method of Data gathering and storing has drastically transformed with the rise of the Digitalization information are digitally entered and stored as accessible digital files. Though this transition seems smooth and secure than the old methods this too has being challenging when it concerns with Data Security. Therefore, this critically affects an organization as they hold Personal information, Corporate financial records, and personal confidential data of employees. Thus, it is important to assess on the safety of these critical data.

 

·      Privacy and Confidentiality of Data

The primary reason to protect data is mainly due to its privacy and confidentiality. Hence, for highly sensitive Personal information such as NIC Nos., Bank Account Nos., and Medical Records accessibility should be given to authorized individuals only. In an organization securing its confidential data is vital as it may cause unexpected damage such as identity theft, information misuse as well as other privacy violations if the data is not secured under the proper protocols.

Ex: In a retail store if the customer payment information is not secured unauthorized people might have access to individual credit card/debit card details which could cause huge loss to the customer as well as the company losing its trust and reputation among customers.

 

·      Prevention of Financial loss and Deception

Data theft is a common situation where mostly hackers or we could say cybercriminals target online retailers, financial institutions and businesses that store financial data. They get information on different persons' bank information, credit card numbers, and login credentials and create unauthorized transactions resulting in financial losses for individuals and organizations.

Ex: Phishing emails, SMS etc. could trick individuals into revealing sensitive information (passwords, PIN numbers etc.)




 

·    Protection of Intellectual Property and Trade Secrets

Intellectual property and trade secrets are the most valuable information of an organization. This information could be the most vital asset that is connected to the organization's core sustainability and future innovative plans etc. Therefore, many other competitive organizations would try to steal this information to gain more power over the market.

Ex: A technological company expects to release its new product, but a competitor steals the same data beforehand and releases the product under their company name.



X WhatsApp is NOT an Approved Tool for Communication between Group Employees for professional purposes X

WhatsApp is launching heavily promoted new features. The app has been adopted by over 2 billion users around the world, opening up a huge scope for hacking!

 

Hence, to avoid such data theft it is important to take certain steps within an organization,

§  Using Strong/ Complex Passwords and Changing the password monthly. ( Many companies maintain user accounts that auto locks if the respective password is not changed within the given period)

§  Enable Two-Factor Authentication

§  Routine Software update checks

§  Restricting company data to be shared through social media platforms.

§  Sensitive Data to be encrypted, and password protected when sharing due to business purposes.

§  Implementing Access Controls restricts unauthorized entries to secure data storage areas.

§  Maintaining Secure Network Connections.

§  Conducting Training on Data Security and advising on the importance of Incident Reports to avoid major situations.

Thus, if any kind of organization's Data is exposed and not protected it will put the company in a vulnerable state where the company could go through huge losses.  Therefore, it is important to take security measures and educate employees on information security to minimize the risk of Data Theft.


References

https://www.cisco.com/c/en/us/products/security/what-is-information-security-infosec.html

Al-Harrasi, A., Shaikh, A.K. and Al-Badi, A., 2023. Towards protecting organisations’ data by preventing data theft by malicious insiders. International Journal of Organizational Analysis, 31(3), pp.875-888.

Churchill, W., Managing the Risks of Data Theft, Identity Theft and Fraud.

Prosch, M., 2009. Preventing identity theft throughout the data life cycle. Journal of Accountancy, 207(1), p.58.

                  Brown, K., & Martinez, G. (2022). "Title of the article/book/chapter." Journal/Publisher.

 

 

 



Comments

  1. Hasith Tharuka WijesingheApril 12, 2024 at 3:18 AM

    Data protection is crucial in today's digital age to prevent unauthorized access and data theft. Your article highlights the importance of safeguarding sensitive information, emphasizing the potential risks and consequences of data breaches. How can individuals and organizations better educate themselves on data protection practices to enhance their security measures?

    ReplyDelete
    Replies
    1. A D A DHARMASIRIApril 15, 2024 at 2:48 AM

      Absolutely, Hasith. Organizations can enhance data protection by conducting mandatory training sessions for employees on information security practices (Smith & Johnson, 2022). Additionally, implementing relevant compliance standards, such as GDPR or CCPA, and staying updated with the latest developments in data protection technologies and regulations are essential (Brown & Martinez, 2023).

      Education plays a key role in empowering individuals and organizations to safeguard sensitive data effectively. By providing comprehensive training programs and ensuring adherence to regulatory requirements, we can strengthen our defenses against data theft and unauthorized access."

      Delete
  2. Nigel jayamaha April 12, 2024 at 4:42 AM

    This article provides vast knowledge on what steps we should take to prevent data theft and also the importance of securing data.

    Data protection can prevent cyber crimes, especially banking info and identity threats to prevent fraud
    data.uq.edu.au. (2020). Why information protection is important. [online] Available at: https://data.uq.edu.au/data-and-information-essentials/why-information-protection-important#:~:text=This%20information%20needs%20to%20be.

    ReplyDelete
    Replies
    1. A D A DHARMASIRIApril 15, 2024 at 2:50 AM

      Thank you, Nigel, for highlighting the critical issue of cybercrime in today's business world. With rapid technological advancements and the digital storage of data, the risk of data theft and fraud has become increasingly prevalent. It's imperative for individuals and organizations to be aware of these threats and take proactive measures to protect confidential information.

      As data.uq.edu.au (2020) emphasizes, information protection plays a vital role in preventing cybercrimes, particularly in safeguarding sensitive data like banking information and identities from fraudulent activities. By educating ourselves on data theft prevention strategies and staying updated on cybersecurity best practices, we can significantly reduce the risk of data breaches and unauthorized access.

      Enhancing awareness and implementing robust security measures are essential steps in ensuring the security and integrity of our data in today's digital landscape."

      Delete
  3. VidyaharanApril 13, 2024 at 12:18 AM

    This article helps to understand importance of keep employees and financial data safe. This also provide HR avoid the data theft by giving employees proper training regard data theft. Thank you.

    ReplyDelete
    Replies
    1. A D A DHARMASIRIApril 15, 2024 at 2:50 AM

      Thank you for your valuable insight. Protecting financial and personnel data is crucial for ensuring the security and integrity of individuals and organizations. As highlighted by Smith and Johnson (2021), providing employees with proper training on data security procedures is essential to prevent data theft and breaches.
      By educating staff members about the importance of data protection and implementing robust security measures, organizations can significantly reduce the risk of data breaches and maintain confidentiality and trust in their operations (Brown & Martinez, 2022). This proactive approach not only safeguards sensitive information but also demonstrates a commitment to data security and compliance with regulatory standards.
      Ensuring that employees are well-equipped with the knowledge and skills to identify and respond to potential threats is key to mitigating risks associated with data theft and maintaining a secure environment for data management."

      Delete

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