12.2: Data Security: Protecting Valuable Assets

Data security is essential to protect sensitive information from breaches, unauthorized access, and cyberattacks. As businesses store vast amounts of data, securing this information is critical to maintaining customer trust and meeting regulatory requirements. For example, financial institutions implement advanced cybersecurity measures, such as anomaly detection systems, to protect customer data.^[1] The 2017 Equifax data breach exposed the personal data of hundreds of millions of individuals, mostly from the U.S. but also from the U.K. and Canada, due to unpatched software vulnerabilities, underscoring the importance of proactive cybersecurity measures.^[2]

A few of the major threats include:

• Cyberattacks: Incidents like ransomware and phishing attacks can compromise sensitive information.
• Insider threats: Employees or contractors with malicious intent pose risks.
• Third-party vulnerabilities: Vendors and supply chain partners with inadequate security measures may expose a business’s data.

A few of the best practices include:

• Encrypting sensitive data both in transit and at rest.
• Regularly updating security software and protocols.
• Training employees to recognize potential threats.