As part of our mission to help organizations protect their data and all the paths to it, Imperva supports Privacy Awareness Week in Australia and Singapore, with the aim of educating individuals and organizations on the importance of privacy and data protection.
In today’s digital economy, data is the new oil. The problem is this: when an asset like personal data becomes this valuable, the demand for it skyrockets. This simple economic principle creates multiple data risks. Whether stolen and sold to the highest bidder, held for ransom, or shared without consent with third parties, personal data is manipulated every second of every hour of every day. And unlike oil, data is an abundant resource that multiplies exponentially, making it harder to track and secure.
A recent study commissioned by Imperva found that the proliferation of data collection is making it increasingly difficult for consumers to maintain control of their personal information. the No silver linings report found that the majority (67%) of consumers in Australia and Singapore say they have “no idea” how many companies they have shared their personal data with. More than half (54%) say they share data with so many different companies that they can’t check each company’s track record on how they handle and protect personal data.
However, despite people’s propensity to share data, consumer trust in organizations to protect their data is low. In Australia and Singapore, 37% say their trust in digital service providers to protect their personal data has declined over the past five years. Only 15% say it has increased, despite the introduction of stricter data privacy regulations.
Even the industries that process our most valuable and sensitive data are not highly trusted. Only 44% trust government organizations and 41% trust financial services. There is almost no trust for messaging services, social media, media and streaming services, online gaming and retail (all scoring 10% or less).
There are also serious consequences for organizations that fail to secure their customers’ data. Half (50%) of Australian and Singaporean residents have stopped or would stop using a company’s services following a serious data breach.
But data and privacy breaches don’t just lead to lost revenue and damage to brand reputation, they can also have serious legal ramifications and sometimes financial penalties.
The regulatory landscape around data privacy has changed dramatically in recent years. The European Union led the way with the introduction of the General Data Protection Regulation (GDPR) and now many Asia-Pacific countries have adopted, or are in the process of adopting, stricter data protection regulations. data privacy.
Regulators have made it clear to business entities operating across the Asia-Pacific region that it is important to properly protect the data they hold. Technology and security leaders have done well in proactively seeking advice and improving data management and protection. However, most remain traditional in their approach, focusing on decades-old security controls like data loss prevention (DLP), perimeter controls, and endpoint protection, without being sufficiently aware the need to pivot their security strategy towards a data-centric strategy. .
Stricter regulation, consumer awareness, and the increasing frequency and scale of data breaches underscore the need for organizations to rethink their approach to data security. To do this, companies must have a clear understanding of what personal information they collect and store, who has access to it, and how to protect it. During Privacy Awareness Week, we urge organizations in Asia-Pacific to get a sense of the extent of their gaps in handling sensitive personal data by conducting an assessment of their privacy practices. collection, storage, processing and access to data. To help you get started, we’ve published a helpful blog on taking a data-centric approach to data privacy.
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*** This is a syndicated blog from the Security Bloggers Network of Blog written by George Lee. Read the original post at: https://www.imperva.com/blog/data-protection-as-the-foundation-of-trust-celebrating-privacy-awareness-week-in-apac/