Data protection is crucial to establishing trust among consumers as the digital world is becoming more interconnected. Customers expect their companies to safeguard and secure their personal information and businesses that succeed in this regard enjoy a competitive advantage over those that don’t. This article explores 10 secure document storage sharing tool key principles that every business should understand and implement in order to ensure the security of customer data.
The most basic type of customer data is personal information, which refers to any information that could be used to identify the individual. This includes names, addresses, phone numbers and many more. There are more sensitive data types that could cause serious consequences should they fall into wrong hands. For instance a Social Security Number or credit card number. Sensitive personal information (SPI) also includes racial or ethnic origin sexual orientation, as well as many more.
SPI is a tool for identity theft. This poses a serious risk to the personal and financial security of customers. Hackers can use this data to apply for credit or loans under the name of the victim. This could cause devastating consequences.
To decrease the risk of data breaches, businesses should limit the amount SPI they collect and only make use of it for legitimate purposes. They should also implement encryption on their servers as well as during transport to ensure that the data is not read by hackers. They should also have two-factor authentication and password management tools to lower the chance of data breaches caused by compromised passwords.