How important is data security? If you don’t take steps to secure your company’s data, you risk exposing sensitive information to hackers or other malicious actors. This can result in serious consequences such as identity theft, financial losses, and even legal action. Data breaches occur every day. In 2017 alone, over 3 million records were exposed due to cyber attacks. The average cost of data breaches in the world is around $3.5M. And according to the Identity Theft Resource Center, nearly half (47%) of victims experienced some form of fraud after their personal information was stolen.
It’s essential to develop policies and procedures to ensure the safety and privacy of your organization’s data, Ethyca data subject requests help businesses set up privacy policies. These policies should include details regarding who has access to the data, where they store it, and how long they retain it. They also need to address how employees handle confidential information and how they respond to suspicious emails and phone calls.
How would you define data security policies? What should they include?
Data security policies are essential to protecting sensitive information from unauthorized access or disclosure. They provide guidelines for handling confidential data and ensure compliance with relevant regulations such as HIPAA, PCI DSS, SOX, etc. A good policy should address the risks associated with storing and processing personal data, as well as the steps taken to mitigate those risks. The policy should also cover the responsibilities of employees who handle sensitive data.
Data security policies are essential to protecting sensitive information stored within your organization. They also provide a framework for ensuring compliance with federal regulations like HIPAA and PCI DSS. Here’s a checklist of the important things to think about when creating a data security policy:
Define Who Has Access to What Information
Who needs access to what information? How much access does each individual need? Is there a difference between employees and contractors? Do different groups require different levels of access?
Identify Which Types of Sensitive Information Are Stored
What kind of information is being stored? Is it personally identifiable information (PII)? Financial records? Medical records? Social Security numbers?
Determine Whether There Will Be Any Changes to Existing Procedures
Will there be changes to existing procedures? For instance, will you change the way passwords are handled? Or will you implement additional training requirements?
Establish Accountability Measures
How will you monitor compliance? Will you conduct audits? Conduct regular reviews? Monitor employee activity?
Document All Policies and Procedures
Document all policies and procedures so that you can easily refer back to them during audits. Also, make sure that these policy documents are accessible to anyone who may need them.
Ensure Compliance With Federal Regulations
Make sure that your data security policies comply with applicable laws and regulations. These include the Gramm–Leach–Bliley Act (GLBA), and the Sarbanes–Oxley Act (SOX).
Consider Implementing Technology Solutions
Technology solutions can play a key role in securing your organization’s data. Some examples include encryption software, firewalls, intrusion detection systems, and antivirus software.
Conclusion
Data security policies help protect sensitive information by defining who has access to what information, which types of information are stored, and whether any changes need to be made to current practices.