Cybersecurity and data privacy- two sides of a coin

Cyberattacks are growing at an alarming rate around the nation and are becoming increasingly complex and sophisticated. Cybercriminals are pursuing multi-vector approache to target enterprises and finding newer and smarter ways to attack and capitalize on the vulnerabilities existing in an enterprise's architecture. Cyberattacks on all businesses are becoming more frequent, targeted, and complex leading to an enormous rise in ransomware, eventually leading to financial distress, customer loss, and a negative brand image.

Cybersecurity and data privacy are two sides of the coin. Data Privacy is the first liner of defence, whereas, cybersecurity is the second layer of defence. Cybersecurity is about protecting data from unauthorized access, use, disclosure, disruption, modification, or destruction.

Data privacy is about protecting the rights of individuals to control their personal information. The complexity of the numerous non-standardized data privacy laws make compliance overwhelming. As per the report of IBM, the average cost of a data breach across ASEAN countries is currently $2.87 million. The researchers considered not only technical expenditures, but also legal and regulatory costs, as well as brand equity loss, customer churn, and a drain on employee productivity.

Cybersecurity is essential for data privacy because it helps to protect data from being accessed or stolen by unauthorized individuals. Data privacy is essential for cybersecurity because it helps to ensure that data is used and stored in a responsible and ethical manner.

If a company's cybersecurity measures are not effective, data breaches can occur, exposing customer data to unauthorized individuals. If a company's data privacy policy is not followed, customers may lose trust in the company and may be less likely to do business with them.

Small businesses are increasingly becoming targets for identity theft, resulting in significant financial losses and reputational damage. These attacks can be devastating for small businesses, causing not only monetary harm but also stress and reputational damage for employees and owners.

It is time for the organisations to take proactive steps to protect their data and respond quickly to any breaches.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA