Facebook Breach News:
As disclosed by Facebook on September 28th, Facebook suffered a data breach that likely affected more than 50 million users. This data breach resulted from bugs placed into Facebook’s profile, privacy, and video uploading features, and constitutes the largest data breach for Facebook during its existence. This breach could likely come at a high cost due to the recent implementation of the General Data Protection Regulation (GDPR) in the European Union (EU). Per this regulation, if Facebook is found to have broken regulatory requirements it could face a maximum fine of 4% of its annual global turnover, which would be around 1.63 billion dollars.
This incident comes at a rough time for Facebook due to the scrutiny the company was already under regarding data security. Yet another data security issue will make re-gaining and maintaining customer’s trust much more difficult. In today’s digital world, having consumer trust for digital platforms is crucial to remain competitive.
The Importance of Consumer Data Protection for Businesses & Organizations:
The latest Facebook data breach poses a reminder to all businesses, large and small, of the importance of maintaining security over consumer data. The widespread use of technology leaves businesses that do not adhere to clear rules and guidelines regarding technology and data vulnerable. The digital environment is one of great complexity, and while perfect security measures may not exist, businesses and organizations should make every effort to maintain the highest level of security possible for customers. One of the most efficient and effective ways that businesses can make an effort to protect consumer data is by outlining specific data protection policies and procedures. We have outlined a number of important policies and procedures on another blog post that you can find here.
IT policies and procedures have increasing importance as security threats continue to rise. Policies and procedures for IT related tasks work to resist security threats, including ransomware, email phishing, and other cyberattacks. Having standard policies and procedures that are practiced on a regular basis allows for consistent actions to occur across an organization, outlines clear expectations of everyone involved, and helps keep security measures relevant and up to date. Implementing IT related policies and procedures also helps organizations ensure that they are meeting legal and regulatory requirements, such as the GDPR, for example.
One IT procedure that is of particular importance is performing regular security audits. Regular IT security audits and testing are important for maintaining the overall welfare of an organization that utilizes digital technology. Security audits often include tasks that check compliance regulations, identify potential security loopholes, keep the organization’s technology and tools up-to-date, ensure that staff are following technology protocols and adhering to policies, establish precautionary measures, identify potential risks, discover hidden risks, and prepare an organization for potential threats. For more on IT security audits, you can check out our blog post here.
Consumer data protection plays a crucial role in maintaining a competitive edge in our technology driven world. Keeping up-to-date data policies and procedures is an effective way of ensuring compliance and data security. Check out our previous articles on GDPR and IT policies and procedures to learn more about these topics. Feel free to contact us regarding any questions you have about how your business or organization can work to ensure data security for both your business and your customers.