World Data Privacy Day 2024

In an era where data emerges as an increasingly valuable asset and data privacy concerns gain prominence in India, it has become imperative for organizations to protect their data from cyberattacks, natural disasters, human error, or lapses in cybersecurity procedures. The unfortunate reality of data loss poses significant risks to an organization's reputation and revenue.

Customers want to know their data is being protected and not exploited. Currently, only 10% fully trust organizations with their identity data. It’s up to organisations to prioritise transparent data management through clear opt-in/out options to build trust and reduce privacy law compliance for enterprises.

January 28 is witnessed as Data Privacy Day. It is the Day that serves as a good reminder to consumers to check that they are acting on their own privacy preferences, but also to policymakers of the trade-offs involved with overly restrictive privacy laws.

Applications have become primary targets for cybercriminals seeking to steal data. Code flaws at the core of these applications pose a significant risk. Testing and data security measures are critical to reduce the risk of damaging breaches and protect sensitive information.

Tech companies believe that, Data protection budgets are expected to grow by 6.6% in 2024. They well recognize the importance of data privacy and how crucial it is for organizations to safeguard their critical data, to ensure business continuity.

Malicious actors seek to compromise consumers’ digital identities and steal sensitive information. A report highlights concerning prevalence of credential stuffing attacks, especially concerning telecommunication and technology sectors. Deploying anti-bot tools and cryptography-based MFA is essential to thwart cyber-attacks and enhance customer data protection.

Privacy regulations like GDPR, HIPAA, FERPA and CPRA exist, but the proliferation of social engineering attacks like vishing and deepfakes makes employees and consumers particularly vulnerable to hackers, underscoring the need for robust security education. Regular penetration testing helps organisations spot vulnerabilities from infrastructure, software, or hardware changes.

The rise of AI and its ability to strengthen cyber-attacks, has amplified the concern around data misuse. Algorithms collecting sensitive data for purposes like phishing scams, highlight the need for user vigilance. Practicing cyber hygiene, strong passwords, and two-factor authentication are essential for data protection.

Secondly, while GenAI websites boost productivity they require proactive risk management. Inputting data, including source code, sensitive info, and PII, can lead to leaks. Large Language Models, trained on the internet, may produce harmful content, leading to misinformation and legal concerns if unchecked. Generative AI Data Loss Prevention, offers a solution for harnessing GenAI’s potential while safeguarding against data loss, malware threats, and compliance challenges.

Moving forward, as cybersecurity practices face increasing scrutiny with more stringent regulations and detailed reporting of breaches, CISOs must advocate for cyber threat risk management and transparency to be integrated into the broader organisational culture and governance – and elevate it as top business priorities – not just concerns for security teams.