What is Data Protection and Why is it Important?

Introduction to Data

We often keep hearing about this term, ‘Data’. So you may ask, what exactly is data? Data can be anything from numbers or texts on a word file, or it can be bytes inside the memory of our electronic devices, or it can also be universal truths stored in a person’s mind. But, unfortunately, we cannot define ‘Data’ either quantitatively or qualitatively.

As we transition to the paperless world, we have pros and cons to the same. The biggest con is that all of our data is now on the internet, some behind an encrypted firewall, and some even available open-source.

Now, you may be curious as to the ‘data’ we are talking about. Let us give you some examples of data that you share on the internet:

• Your address, phone number sent to your Local Dominos Pizza
• Your credit card details with e-commerce websites
• Your emails which you shared with a news subscription service

And so on. This list is not exhaustive, and we can keep talking about what data might be there.

What is Data Protection?

Data protection is the means of safeguarding vital information from exploitation, compromise or loss.

Data protection spreads into three broad classes:

-Traditional data protection (such as backup and restore)

-Data security

-Data privacy

In simpler terms, the methods and technologies used to preserve and secure data can be regarded as data protection mechanisms.

Differences between data protection, security and privacy

The companies might use data protection, data security and data privacy interchangeably, but they all have a different meaning.

• Data protection guards information from loss by backup and restoration.
• Data security helps in protection from internal and external threats. It refers to the steps taken to protect the integrity of the data itself against ill-usage and malware.
• Data privacy refers to managing access to the data. Organizations must decide who has a passage to the data. A breach of confidentiality can lead to data security issues.

Why is Data protection important?

After the extent of data that you have seen might be compromised, we think it’s fair to say that protecting this data against hackers is paramount. In fact, according to Forbes, Cybersecurity spending was expected to touch $123B in the year 2020. Additionally, they also say that Data Security is expected to grow by 7.2%, becoming a $2.8B market this year.

Data protection statutes ensure the security of individuals’ data and regulate the data’s gathering, usage, and disclosure. They also provide access to information of the people and place accountability measures for parties processing personal data and sequels it by giving remedies for unlawful processing.

The Virtual ‘Risks’

We enter our first names, addresses in many forms, along with numbers, information on former education and profession on so many websites. All these online things exhibit tiny bits of our existence on the internet. We explore information about commodities we are interested in, purchase online, and share all kinds of news and views on Facebook and Instagram.

While all this data we enter is to provide for a service or a product in return, this information is usually retained by the company for future purposes.

The companies sometimes end up with data breaches, which leads to scammers getting access to that information and hopping into our email boxes or in our text messages.

Have you received any text or email where the person claims to be your lost connection and asks to meet you or is asking for money? If your answer is yes, then you are not alone! These are usually the techniques of scammers to earn their living. But are you still curious as to who this person might be? If yes, then don’t worry. Instead, use an online database like Nuwber, where you can add the person’s name and find out if he/she is who they claim to be. Some businesses also use IBM Aspera software for reliable data protection. It is a hosted service that reliably, rapidly, and securely transfers files and data sets of any type and size across a hybrid cloud environment.

Why is data protection important to any company?

Data is one of the most valuable assets a business has. For that cause alone, data protection is a top priority for any company. The application of data involves guarding the availability of the data to employees who need it, keeping the data valid and up-to-date, and ensuring the confidentiality of the data (certainty that it is available to people who are entitled).

The top management’s judgments are based on this data, as are the work methods followed by employees to deliver excellence in products and services.

Thus, no company can ignore data protection.

Data Protection Legislation

The United Nations Conference on Trade and Development (UNCTAD) increasingly recognizes the value of privacy and data protection.

There is also an increase in concern of collecting, managing and sharing personal information to third parties without intimation or consent of consumers. As a result, 128 out of 194 countries put legislation to secure data and privacy protection. But we still need to realize that about 19% of countries in the world have no legislation to protect data, and subsequently, there is no data available on 5% of the nations.

GDPR is stringent data protection legislation in the European Union that has been in effect since 2016.

For the United States, the year 2020 induced several significant developments in data protection legislation. The California Consumer Privacy Act (CCPA) came into force in January in the United States.

We can conclude from the above that our data might be exposed. The advice on how you keep your data private? Periodically assess the privacy settings on your social media accounts. If you don’t, you may be sharing a lot more than just your name with somebody you’ve never met—and a criminal could use that information to steal your identity and a lot more. Why risk that? Start your data protection venture today and keep your private information private.