Nowadays, data breaches are becoming common occurrences for businesses across all industries. In 2019 alone, there were over 5,000 data breaches and over 7.9 billion confidential records exposed. These data breaches compromised confidential information such as usernames and passwords, social security numbers, banking details, and IP addresses. As more and more businesses experience security breaches, protecting data confidentiality has become crucial for companies of all sizes.
What is data confidentiality?
Data confidentiality refers to protecting personal information against unauthorized access, use or disclosure without permission, and/or theft.
What is a data breach?
A data breach occurs when confidential data falls into the wrong hands. Hence, a data breach is a failure to preserve data confidentiality.
Usually, a data breach is not capable of remedy. Once the personal data is leaked, there is no way to take it down and make it confidential again. This can cause huge financial losses for companies and negatively affect their reputation in the long run.
In a time when there is nothing more valuable than data confidentiality, data breaches are definitely the most dangerous security incidents for a business.
What is the difference between privacy and confidentiality?
Nowadays, the terms privacy and confidentiality are often used interchangeably. However, they have different meanings.
While confidential data is also private, the opposite doesn’t apply. Privacy refers to individuals and confidentiality refers to data.
Privacy is freedom from public intrusion into one’s personal matters - a fundamental human right. On the other hand, confidentiality refers to keeping personal information and data secret and not disclosing them to any third parties.
How can businesses protect data and confidentiality?
Businesses can protect data and confidentiality by controlling who has access to data. Access to data should only be granted on a need-to-know basis. This means that employees should only have access to information they need to do their jobs.
Paper documents can easily be stolen, lost, or misused. Hence, the implementation of a digital document management tool is a great way to protect data confidentiality and ensure a higher level of document security. On top of that, businesses should create data deletion policies which deal with the safe disposal of documents and data.
Nevertheless, the best and safest way to protect data confidentiality is encryption. Simply put, encryption is a process that uses an algorithm to encode a document or data. The receiver of the document then needs to use a key to decode the message.
How can Penneo help you protect confidentiality?
Penneo’s digital signature & digital transactions solution provides the strongest level of encryption: the AES 256.
The NIST (National Institute of Standards and Technology) developed AES-256 (Advanced Encryption Standard) while working on a cryptographic algorithm to protect sensitive U.S. Federal Government information. Today, the AES 256 is the industry standard for data security.
On top of that, Penneo provides the highest level of data security through logical security and isolation and role-based access control.
Digital signature and digital transactions solutions play a crucial role in protecting confidential information. Hence, the transition from analogue to digital is a must.
Penneo’s solution ensures data confidentiality through end-to-end encryption so you can safely send documents out for signing. Customers can also add extra layers of security to their documents by using multi-factor authentication and creating strong passwords that are hard to guess.