By going digital, organizations are welcoming cyberattacks. Thus, they must take action to prevent data breaches and strengthen their security.
Fremont, CA: In the last decade, organizations have created a plethora of data, and the process of generating and processing data is in progress. Besides, the digital economy is on the rise making Digital India a virtual national slogan. In such changing times, data privacy and cybersecurity management becomes critical. By taking organizational systems and processes online, organizations enhance their business efficiencies, economies, real-time customer experience management, and necessitate systems security and data protection as well. If companies are going digital, then they need to protect their intellectual property, operations, strategies, and customer data.
According to a report by KPMG in India, approximately 55 percent of CEOs believed that they would face a cyber-attack by the end of 2019. From such attacks, companies lose not only their monetary value but also the trust amongst stakeholders, partners, and customers. In the last decade, organizations have faced some of the biggest data breaches of the 21st century. These incidents are a sign for CEOs from all industries to pay their undivided attention to protecting their critical data.
India has got adequate provisions about data privacy and protection, according to the IT Act of India. However, the government is bringing in a stricter framework for data privacy law.
In tandem with new regulations, CEOs in India ignorant of the regulatory environment must take responsibility for data protection. The KPMG report also says that 71 percent of CEOs in India think that protecting customer’s data is essential to gain their trust and loyalty. Data protection is paramount for organizations as it helps in making informed decisions, fuels innovation inspires marketing, and facilitates businesses to connect better with their customers. Thus, data privacy has become a top priority for CEOs all around the world.
Businesses are opting for digitization, and they are creating a vast amount of data every day. Hence, it increases the risk associated with data privacy. Cyberattacks are going to increase in number and magnitude in countries where data privacy regulations are poorly enforced. Protecting data, harvesting it, and using it is one of the biggest challenges for a CEO, and they must educate themselves to stay ahead of the attackers and miscreants.