14 technology
Data protection is a concern for both consumers and businesses. With each high-profile breach that makes the headlines, consumers increasingly worry whether their personal information is protected and being used appropriately. Disclosures about government and corporate practices have pushed data protection to the forefront. But amidst the growing scrutiny, are business leaders looking at the glass half empty?
Data loss, a balancing act
Paul Midian, PwC cyber security leader for the South East, explains that as regulations become more stringent and consumers become more aware of their rights, data protection is increasingly becoming a serious concern for businesses. Whether large corporates, public authorities or start-up companies; everyone is susceptible to cyber threats
Those who collect, hold, use and share personal information about people must comply with the law in the form of the Data Protection Act 1998. Amongst other things, the Act requires organisations, irrespective of size, to ensure data is protected by organisational and technical safeguards. Therefore organisations need to ensure that cyber security is a consideration not only to protect corporate information assets but also to protect consumers‘ personal information.
organisations must select the best mix for their business, their threat profile and risk appetite.
In today‘s interconnected business landscape data is generated and shared with an increasing number of third- parties (for example business partners and suppliers); these third-parties can pose the biggest risk to your data and security.
at creating a secure environment. Making sure that employees understand their responsibility in building security is important. All too often a cyber breach starts with a user innocently clicking on the wrong web page.
A secure culture starts at the top with the CEO and the board. Business leaders need to establish a clear risk appetite for their organisation based on their situation and must regularly re-assess and monitor their risks.
Not all assets are equal, so cyber security investments to protect those assets have to be targeted to bring the maximum return on investment. Even the smallest business needs to maintain the trust of their consumers and business partners.
Details:
Paul Midian
paul.midian@uk.pwc.com 07715-034913
Stephanie Edenborough 023-8020-2350
stephanie.edenborough@uk.pwc.com
Data loss is a reality to many businesses who have not adequately taken the necessary steps to protect data in accordance with the Data Protection Act. Organisational and technical safeguards range from things as simple as introducing policies and procedures to more complex technical safeguards such as encryption, intrusion protection and detection or even proactive penetration testing. These safeguards can include multiple aspects of cyber security but
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Organisations who blindly interact with insecure third-parties not only place their own data at risk but the security of their customers‘ data. Performing third-party due diligence and holding third-parties to strict contractual requirements can reduce this risk, and it places the ball back in the third-party‘s court.
Cyber security isn‘t just about technology. It is also about people, systems, processes and a business culture aimed
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – JULY/AUGUST 2015
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