Champion Data Protection and Loss Prevention in Your Company
A company’s security used to mean physical locks, analogue vaults, and a human security team.
With technology advancements, data exchange is on an unprecedented scale. Businesses begin to thrive on data. But it also exposes you to risks and unknown threats lurking in the vast sea of the internet.
Which brings us to data protection strategies for your company. Gain control of your organization’s owned data. And champion security plans to combat malice in cyberspace. Protect your business against data breaches. Keep your data and other information safe from external attacks that lie in wait. Particularly for companies that don’t have a sound security scheme in place.
Why Data Loss Prevention Matters to You
As we progress into the digital age, data has become an integral cog of every business. It's also part and parcel of everyday transactions, no matter how trivial. At the same time, the free exchange and unrestricted flow of data can be a dangerous Achilles heel. Especially if you can no longer trace or control where your data is coming from or heading.
It’s not just about keeping your business secrets safe. Your clientele’s private information is at risk too.
Don’t lose the trust you’ve worked so hard to earn from your customers. Data protection builds a reputation of credibility that proves users can rely on your products and services.
The flow of data occurs on a global scale; it doesn’t recognize borders or nationalities. So, in identifying the need for safety barriers, countries erect strict compliance laws.
In Singapore, this is known as the Personal Data Protection Act (PDPA), regulated by the Personal Data Protection Commission (PDPC). All businesses are required to implement adequate security measures to protect the personal data in its care.
What PDPA Means to Your Company
It's hard to resist new toys like big data and Artificial Intelligence (AI). Your company might even be undergoing a digital transformation as we speak.
But what does the PDPA represent to your company’s latest innovative venture?Not necessarily. Here’s a summary of what it means to be PDPA-compliant:
- • Consent is needed for the collection, use or disclose of personal data.
- • Data collected is to be used as per the Purpose Limitation Obligation.
- • Provide data breach notifications.
- • To care for, protect and be accountable for personal data collected. Give access to and allow correction of personal data.
In deciphering the meaning of the PDPA guidelines, it might seem like an obstacle to your organization at first glance. But, as long as you have a well thought out compliance strategy, you’ll still able to access and reap the benefits of data.
In fact, your company will be in an even better position to gain your consumers' valuable trust.
With growing concerns of data security today, organizations are expected to have a greater sense of responsibility. Quite simply, clients place a high value on proper handling and authorized use of data that’s compliant with laws and regulations.
Some Major Consequences of PDPA Data Breaches
Of the many ramifications to your company for breaching the PDPA, there are two we want to touch on.
Firstly, reputation damage. Your organization can suffer if your clients lose confidence in your ability to handle personal data with care and respect.
Secondly, monetary damage. Under the amended PDPA passed on 2 November 2020, organizations which fail to comply with PDPA may be fined up to 10% of an organization’s annual turnover in Singapore or S$1 million, whichever is higher.
Changes in PDPA and How It Affects You
The financial penalties for a PDPA breach were raised. Mainly, the maximum fine of 10% of an organisation’s annual turnover in Singapore or $1 million, whichever is higher.
With the recent changes to the PDPA, data breach notifications are now mandatory. Which means in the event of a data breach, your company holds full responsibility for evaluating the scale and impact of the violation. This is to ensure organizations are accountable for the personal data in their care.
But, the PDPA regulations have been loosened in other aspects.
Companies are now allowed to collect, use, or disclose personal data without the consent of users. This is only for purposes of “legitimate interests”, and after your company has weighed the risks involved against the benefits.
Lastly, all companies must adhere to PDPA with no more exceptions. Even if your organization is acting and managing personal data on behalf of a public agency.
COVID-19 and the Exponential Growth of Data
There is one silver lining to the recent pandemic. Digital transformation is reaffirmed as the way forward for companies worldwide.
COVID-19 is pushing businesses to go online at an unprecedented pace. The need for the secure exchange of business information weighs down, while your company fights to secure data.
Start responsible management of data. Here are some strategies for your organization.
What You Need
- • Eyes from upper management. Data protection strategies are more robust when leadership is involved. Have your executives take part in planning and implementation of data loss prevention.
- • Discern the different levels of security and who should be given access as data owners.
- • A dynamic breach emergency response plan.
Each company is in a different data protection stage or level. View the possible strategies you can consider for your organization here.
How Do We Prevent Data Breaches?
Update Your Cybersecurity Systems
Investing in the right software solution goes a long way. Safeguard your organization’s proprietary information and client personal data.
Get started on essential cybersecurity with solutions like encryption and multi-factor authentication for your company. Or receive alerts in real-time once any threats are detected in your cloud security.
Find the best cybersecurity solution for your data protection needs. At Fujitsu, we match you with our most suitable partners for your unique business.
Establish Internal PDPA Compliant Processes and Policies
Draw up new company processes and internal policies for your business. Cultivate a data-safe culture that is replicable in your organization.
Bring your office up to speed. Train all your personnel in data security etiquette and reduce data leaks due to human error.
It's easy to get lost in complex business structures (e.g. many layers of contractors and vendors). Review your organization's existing data security measures for ways to improve. Formalize this process by holding regular audits to win control against external threats.
In short, protect your company from risks. Shield your clients from data breach attacks and earn your customer's trust.
Be proactive instead of reactive. Think forward to bridge all potential gaps and dangers of data loss in your organization. You can do so by starting with an intelligence-led plan.
Have a clear awareness of cybersecurity in your company. Gain context from gathering intelligence of the latest data threats. And you'll attain event visibility and analysis for your business. Adapt, and keep evolving ahead of data risk trends.
Plan your data loss protection with end-to-end data security managed services.
As a DX company, begin your data transformation with Fujitsu. Gain access to a suite of cost-effective cybersecurity solutions at your fingertips.
Because every business is different. We don’t tie you down with a standard security offerings model.
Instead, you can leverage a diverse group of vendors. Find the best fit for your corporation from our expansive network.
Keen to know more? Read our success story with VTT, a research organization in Finland.
At Fujitsu, we serve as your one-stop hub of security strategy and portfolio. Get in touch with your Fujitsu representative for our products and services today.