By Vidhu Nautiyal, Co-Founder and Chief Revenue Officer, CloudConnect Communications Pvt. Ltd
Consumers’ trust in the company is directly related to the company’s ability to safeguard its data. According to the 2021 Data Protection Report, eight out of ten consumers decide whether to cooperate with a company based on how well the company handles data protection. Consumers feel less confident about their data than they were years ago. The primary reason seems to be that about 70 per cent of consumers were affected by a data breach in 2021, compared to 53 per cent in 2020, which is a significant cause for concern. If there is a data breach and the organisation is unable to manage it appropriately, trust can be lost in a heartbeat. If nearly one-quarter of consumers believe that their personal information has been hacked, they will instantly terminate dealing business with the organization. Security threats are becoming more complex, as IT infrastructure is changing quickly. Usually, organizations manage edge computing, applications data security across different teams. But with the technology evolving rapidly, organizations cannot offer the same services to their customers.
Cyber security solutions observe a lack of effectiveness against modern attacks as they don’t have visibility into activity across multiple technology layers. Organizations will only be able to stop complex attacks if they start to take a unified approach and mix data-centric threat mitigation with protecting all the paths to their data. Identifying a solution that unifies from the edge to applications will be a difference between recognizing a problem before it becomes a data breach.
Industries and government collectively should try to authorize cyber security by setting up tougher compliance prerequisites, as digital assaults have become a serious threat and are increasing in number day by day. Generally, compliance in network security is defined as keeping guidelines and meeting prerequisites. Compliance in cyber security is the process of controlling risk to assure the confidentiality, trustworthiness, and accessibility of all data processed, stored, or transferred.
Cyber Security Compliance can be a beneficiary for businesses?
Even though recent cyber security compliance standards and rules can be pricy, organizations need to understand how much advantage it carries with it. For instance, it helps in avoiding fines and penalties, builds customer trust and brand reputation.
Artificial Intelligence (AI) can prevent cybercrime by identifying the patterns of behavior that signify something unusual may be taking place. AI means this can be done in systems that need to cope with so many events taking place every second, which is typically where cybercriminals will try to strike.
AI’s predictive capabilities are what make it so beneficial in this context, and this is why many businesses will invest in these solutions in the coming year. Unfortunately, hackers are also aware of the benefits of AI, and new attacks are emerging that use technology such as machine learning to circumvent cyber security safeguards. This makes AI even more important – as it’s the only hope for preventing AI-powered cyber-attacks. In a research, it is found that two-third of businesses now believe that AI is important for recognizing and countering critical cyber threats.
Governments around the world have been primarily motivated to limit the deployment of how end-to-end encryption has been primarily motivated by three key factors – improving law enforcement’s ability to conduct investigations, dealing with particularly egregious content such as Child Sexual Abuse Material, and the potential for misinformation to spread without adequate checking and balances. The numerous measures exist to indicate that the false binary between encryption and public safety is frequently dramatically exaggerated. Taking a more comprehensive approach to addressing the underlying causes of societal ills, or developing products that empower consumers to act when damage occurs, are both ways that can tangibly shift the needle on the issue. Most importantly, they can do so while protecting the clear wellbeing of privacy, security, and freedom of expression that encryption provides to billions of users around the world. It is up to platforms and governments alike to recognize this and work constructively towards such solutions.
While this will inevitably increase the burden on individuals responsible for data security in enterprises, it will be a net positive in the long run. Today, more than ever, it is critical for a company to gain consumer confidence in order to have easy access to our precious personal information.
