Data privacy and security in a Big Data world: A look at compliance and best practices 

Businesses are increasingly relying on Big Data to make better decisions, given its ability to provide insights into people’s behavior, preference and trends. And this helps them gain a significant advantage. However, with great power comes great responsibility. The more data businesses collect, the more responsibility they have to protect it from misuse. Fines for non-compliance can go up to 20 million or 4% of a company’s global annual revenue, whichever is higher. The reputational damage of a data breach can be more severe, with customers losing trust and choosing to take their business elsewhere. 

So, what can businesses do to ensure data privacy and security while still gaining valuable business insights? Here are some best practices that can help: 

1. Investing in robust security protocols is critical to safeguarding sensitive data. This includes firewalls, intrusion detection and prevention systems, encryption, access controls, and more. Companies must also have a data backup and recovery plan in place to mitigate the impact of data breaches and other security incidents. 

2. Following compliance regulations set strict standards for data privacy and security. Companies must comply with these regulations to protect consumer data and avoid legal repercussions. It also helps them build trust with their customers, enhancing their reputation and brand image. 

3. Conducting regular risk assessments brings to light any potential security risks and helps take proactive steps to eliminate them. By evaluating security controls and assessing the impact of these incidents, companies can ensure their data is the safest it can be. 

4. Implementing data confidentiality policies stops data from getting into the wrong hands, making sure only the authorized can access sensitive data. Through role-based access control, data masking, data encryption and the like, companies can keep sensitive data secure and only accessible to those who need it. 

5. Training employees in data privacy and security is mandatory as employees can often be the weak link in this regard. They must be thorough with the best practices to prevent accidental data breaches and other security-related incidents. Password hygiene, email security and safe browsing practices also go a long way in reducing risks. 

Companies that prioritize data privacy and security aren’t just doing the right thing for their customers – they’re also reaping the rewards of increased trust and loyalty with their audience and setting themselves up for long-term success. With the help of business intelligence tools, companies can also stay on top of potential risks and make informed decisions about how to safeguard their data.  

Here’s a powerful BI tool that makes data privacy and security as easy as it is effective. Why not see it for yourself? Visit: www.lumenore.com