The following article discusses the main questions that a company’s board of directors should consider in case of any potential personal data security risks.
They key ideas that caught my attention are the sensitivity of different types of personal data, the susceptibility of risk, and the idea of having insurance to cover such risks. I found these ideas most interesting because of the costly impact security risks may pose on companies and their consumers.
Personal data is certainly part of both a business and information technology. Naturally, the protection of this data raises several concerns. I believe the main issue here is the reliability of information technology to protect personal data. It is one thing to safeguard a company by purchasing insurance to cover expenses when security breaches happen, but it makes me wonder whether there are reliable controls to lower security risks and prevent breaches from happening in the first place.
In a technology driven environment such as the one we live in now, much of our personal data has been pushed into social networks and company databases alike. Some of this data is very sensitive as it can contain our health and bank information as well as our SIN numbers. The impact a security breach may have on a business can be costly in many ways from legal expenses to loss of consumers and their trust. The best way to minimize these costs is for companies to not only safeguard their cash through insurance, but also to think of ways to decrease the level of security risk vulnerability. Asking the five main questions outlined in the article seems like a practical place to start.
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