In today's digital age, the protection of personal identifiable information (PII) is more crucial than ever – most information is stored digitally and the number of bad actors, scams, and cyber attacks continues to grow. However, a new report from Piiano has found that there is a lack of emphasis on security protections today and that’s leading to the growing number of sensitive data breaches occurring.
Since hackers and cybercriminals are constantly finding new ways to exploit vulnerabilities in systems and networks, a continual focus and improvements in data protection is critical for enterprises.
PII refers to information that can be used to identify an individual, such as their name, address, social security number, and date of birth. This information is often collected and stored by businesses, which have a responsibility to protect it from unauthorized access or theft. The consequences of a data breach can be severe, including financial loss, reputational damage, and even legal action.
Piiano provides developer infrastructure to protect sensitive customer data and ensure their privacy – even in the event of a breach. The report looked more closely at the current state of enterprise privacy postures and preparedness for sensitive data breaches.
The research found that 76% of companies protect PII differently from non-PII data, while a shocking 54% do not treat PII protection as a high priority.
In addition, while companies may understand the importance of protecting customer data, it’s not always prioritized. Only 24% of companies are satisfied with their current protection measures, while 80% of people admitted to only working on data protection-related tasks when a specific request is given to do so.
Piiano CEO Gil Dabah suggests prioritizing the protection of personally identifiable information (PII), like social security numbers and bank accounts, to reduce the risk of unauthorized exposure. This method helps businesses allocate resources more effectively and achieve better privacy protection results.
“While some of our findings demonstrate enterprise security’s embrace of best privacy practices, others, such as those related to PII-handling, are cause for concern, especially in light of recent sensitive data breaches that have caused significant harm to individuals and organizations alike,” said Dabah.
Privacy by Design (PbD) is a data protection approach that considers privacy from the earliest stages of a project. However, according to the report companies are not using these strategies because of the significant challenges and costs involved.
Edited by Erik Linask