Our personal details are becoming progressively scattered across the internet, and the chance of this information being compromised increases. But why is this so? In a time where cyber security and digital transformation are more prevalent than ever, you’d think we’d be safest, right?
Yet almost every day we’re completing tasks online where our information may be exposed. From shopping to banking, we regularly share our name, address and financial details without thought, under the premise of ‘secure’ checkouts and with companies we trust.
However, from identity theft to unauthorised access to sensitive data, the consequences of falling victim to a data breach can be devastating. Let’s explore what happens when personal information ends up in the wrong hands, and what companies can do to help mitigate this risk.
Implications of Data Breaches on Individuals:
When personal information is exposed in a data breach, individuals face a range of potential consequences, from financial loss to emotional distress and legal battles.
Managing the implications that come with data breach is a major cause of stress. Individuals are often required to prove losses through complex legal procedures, while having their sense of identity and behaviours questioned. The aftermath of having personal information stolen can leave lasting anxiety over future security, which impacts an individual’s everyday living in the digital age.
Sophisticated hackers don’t discriminate on company size or scale, and in recent years some big players have reported significant security hacks. Take the case of Canva’s data breach in May of 2019 that affected more than 137 million users. Sophisticated hackers stole details including usernames, passwords, email addresses, country data, encrypted passwords and partial payment details. Many affected individuals reported instances of identity theft and unauthorised account access following the breach, leaving them with broken trust and insecurities. Addressing these multifaceted challenges on individuals requires a blend of resilience, diligence, and professional support.
Mitigating Risk Through Information Management:
With consideration to the impacts individuals face when information is exposed, it’s incredibly important that companies address implementing effective information management tools to mitigate the risk and safeguard the customers that have entrusted them with their data. Organisations should adopt a proactive, rather than reactive, approach to information security; implementing robust encryption protocols, access controls, and data loss prevention measures. By classifying data according to its sensitivity and implementing appropriate security measures, organisations can minimise the likelihood of unauthorised access and mitigate the impact of potential breaches.
The Role of Voltage Fusion in Data Protection:
At iCognition we’re passionate about providing comprehensive, secure and trusted solutions to data management; protecting organisations and their customers. Voltage Fusion by OpenText is a leading centralised information governance and data analysis solution designed to connect, analyse and manage information assets across an organisation. By leveraging format-preserving encryption and tokenisation techniques, Voltage Fusion makes sure that data remains protected in all states: at-rest, in-motion, and in-use, regardless of its location or format.
By implementing software like Voltage Fusion, companies can enhance their data security posture through an end-to-end data security platform. In doing this, they can help establish consumer trust by ensuring the best protection for sensitive data that has been shared. Voltage Fusion enables organisations to achieve greater visibility and control over their own sensitive data, empowering them to confidently navigate the complexities of a digital landscape, and respond quickly to any outsider or insider threats.
All in all, data breaches pose significant, sometimes immeasurable risks to both organisations and individuals alike. By prioritising data security and embracing innovative solutions such as Voltage Fusion, companies can mitigate these risks and safeguard the privacy and confidentiality of personal information.
To talk further about how to protect your information with Voltage Fusion, contact the team at iCognition: Contact – iCognition