The concept of database privacy revolves around the protection of our data and those who are authorized to access that data can only do so. As the ways in which data is collected and stored evolves overtime, so do the problems that are associated with it. Addressing these problems beforehand ensures that the data is well protected and kept away from prying eyes.
Below, we will discuss some of the key problems that businesses face today when it comes to safeguarding and protecting their databases and why we need to promptly address them as they come up.
Keeping Database Privacy as a Priority
Many organizations even today treat data privacy as an aftermath of when the disaster strikes, which proves to be very costly. Privacy needs to be embedded early-on from the foundations of each design that is taking place in the organization, from a new application or smart technological innovation to the creative marketing initiative. Having the required privacy safeguards in-place at an early stage can prove to improve financial and operational efficiencies.
The discussions on privacy are ever evolving and present at each point, which makes it even more important for organizations to use this opportunity to build their brand reputation and trust among its stakeholders. Not to mention the legal requirements in place when it comes to data privacy, provided by many countries, such as the General Data Protection Regulation(GDPR) in EU, California Consumer Privacy Act(CCPA) and the upcoming Personal Data Protection Bill 2019, in India.
The Cost of Maintaining Database Privacy
A primary excuse for not complying with data privacy regulations or not keeping consistent data privacy practices in place in most organizations is usually the high economical burden that is associated with it. According to the International Association of Privacy Professionals and Big Four firm EYAnnual Privacy Governance Report, in their Annual Privacy Governance Report, the average spending among organizations in 2021 was $873,000, indicating a 29% increase over the 2020 mean spending of $676,000. Experts believe that the cost incurred over maintaining privacy practices is only going to increase in the coming years, with most of it going towards hiring privacy specialists. The costs incurred in the event of a data breach is even more significant than this, and hence justify the need to divert resources towards avoiding them in the first place.
Data Explosion and the Looming Privacy Concern
A popular notion is that the more the data accumulated, the better it is. Which no longer holds true. According to an article published by Forbes, on an average companies use only a fraction of their accumulated data that they hold. Hoarding of data, especially the ones which are irrelevant is a greater risk than an asset today. It may seem easier to simply setup database archives when certain data become outdated and no longer needed, but even then the security threat looms ahead. Not to mention even storing irrelevant data churns up storage costs, requires electricity to power them and if the data is sensitive – the security measures add up to the business costs. If businesses are struggling to accumulate and provide storage to data today, they’ll be drowning in data in the near future. In order to avoid this, businesses will be required to implement smart data strategies that focus on relevant data and safe disposal of the ones not required. This would not only help curtail unnecessary expenses but also, reduce the privacy concern associated with them as well.
With Great Data Comes Great Responsibility
Data is tracked and quantified in zettabytes today. Even if the costs of computing and cloud storage come down, this boon could also lure in more burden when it comes to debate on data privacy. The more information or data a business holds on to, the more it broadens the scope for a data breach. And increasing data breaches would lead to breaching various data privacy regulations in place. As mentioned earlier in the article, businesses need to embed the concept of privacy in their practices from an early stage. A balanced approach when collecting, storing and processing data will likely decrease the privacy concerns which comes along with massive data breaches. Building a foundation of a sustainable data culture would provide businesses an edge over its competitors.