What is sensitive data and why is it important for an organization?

Sundew
8 min.read
March 13th, 2023
Technology

For a data-driven world, information is priceless. The world moves along with shifting trends, and these trends can be located by analyzing data and making predictions from it. From government policies to business trends, the success of all depends on the satisfaction of the consumers, which can be gained through the application of Data Sciences.

There are various types of information. Sensitive data is by far the most essential and important kind of Data, which is widely generated and transported when using the Internet and thus requires great care to prevent its misuse by hackers and third parties. Sensitive Data protection has become a trending topic that is not only relevant to individual consumers but also carries the future of businesses throughout the world.

Enterprises have grown around the interest of Data Security and the market for global data privacy software is projected to grow from $2.36 billion in 2022 to $25.85 billion by 2029- (Fortune Business Insights)

In this article we will be discussing - Sensitive Data, Different types of Sensitive Data and Why are they important for an organization?

What is Sensitive Data?

Sensitive Data is very confidential information that needs to be protected from unauthorized access or else the stolen data can cause adversities like financial losses and identity thefts. Sensitive Data like social security numbers, credit card numbers, health and medical records, or even basic information like name, location, etc., possess great power.

If they end up in the wrong hands, problems like financial breach, identity theft, and exposure to well-protected secrets of the State can emerge. Sensitive data can thus belong to any individual, organization, enterprise or governmental body which must be protected at all costs to prevent any digital harm leading to economic, psychological, or physical threats.

Types of Sensitive Data

Personal Sensitive Information: Personal data is a sensitive piece of information that can be linked to a particular individual. This information can be used to create false documents which cause identity theft. Moreover, personal data can also be used to hack into Social Media accounts, contributing to the same crime of identity theft and also to steal money from the individual’s bank account.

Personal Sensitive Data can be obtained from various sources like:

Protected Health Information (PHI): These are the medical records, insurance details, prescription bills, etc., that have the sensitive detail of their patients inscribed in them.
Education Records: The educational records of students, enrollment records, transaction records, etc. come under Education Records.
Customer Data: The consumer details like name, phone number, address, and much more, recorded by a company with the motive of delivering better customer services comes under Customer Information.
Customer Confidential Information: Information that might be of personal nature and that which covers matters of business, trade secrets, and other such affairs are considered confidential information belonging to the Customers.
Financial information: Credit card information, Bank details, UPI IDs, and any information that leads to the individual’s financial sources and can generate transactions is called financial information.

Business Information: Information collected by an enterprise which can include anything from the consumer’s personal details to very confidential data like trade secrets or internal project architectures that can cause enormous harm to the Company’s finances as well as its reputation if left unprotected and open to data breaches, come under the category of Business Information.

Business Information can be of different types:

Customer Information: The personal data of consumers can range from name, address, emails to social security numbers, credit and debit card numbers, and much more.
Employee Data: Employee Data contains similar information to Customer data, but it extends even further. Critical data like banking details, Authorization pins, and Usernames that are used in Business applications constitute employee data.
Intellectual Property: The sensitive information which forms the very basis of an Organization, Research findings, Concepts for product designing, etc, form the intellectual property of a Company and these need high-profile security services as the very being of the enterprise depends on it.
Operational & Inventory Information: The sales records or any other quantitative inventory information that contains the numerical values associated with a Company’s activities and product deliveries also have a huge impact on the reputation of the Company.
Industry-Specific Data: Certain Industries have their particular set of sensitive data, like the formulas of certain commercial products, blueprints, records, etc. which make up an integral element of the overall Sensitive data owned by them.

Classified Data: Classified Information or data in particular is the sensitive data owned and generated by Government bodies. These are extremely valuable for a Country’s security as well as economic and social development. Of all the sensitive data, Classified Data gets the most intense security measures backed up by legally restricted access.

Why is sensitive data protection important for an Organization?

With passing years and enhancing tech innovations, a great shift in organizational infrastructure and business digitization has been witnessed. Today companies are readily adopting internet-based technologies like Cloud as a database, Edge computing, Online transactions, and the like to become more Agile.

But their Internet-based infrastructure also makes them prone to vulnerabilities like data breaches, corporate hacking, ransomware hacking etc. This is detrimental to the overall functioning of the organization.

Having an efficient Data Security Measure that looks into all the weak points of the organization’s digital architecture helps in preventing unwanted Data threats, ensuring smooth operations, and also protecting from financial and reputational degradation.

The Risks that surround an organization due to improper Sensitive Data Protection Measures are as follows:

Financial Losses: The economic depression that follows after a data breach is extremely harmful for a Company’s Finances. Not only that data breaches can cause a direct loss of the firm’s finances through theft, but also further expenditure is to be made by the company for legal penalties, consumer compensations, re-constructing the datacenters and studying the earlier data breach by experts to analyze its causes.
“According to research the average cost of data breached reached $4.24 million in 2021, which is predicted to rise up to $4.96 million if the employees are remote workers.- blog.box.com”
Credibility Issues: Data is an essential commodity of exchange between them and the consumers which must be protected at all costs. A data breach is very harmful for a company’s reputation as it challenges the trust of the consumers. This will ultimately result in the loss of a company’s customer handle and hence is very bad for businesses.
Legalities: When a business database is hacked, there are more severe consequences than credibility issues. Businesses that fail to protect their customers’ data are legally fined large sums of money.
The EU General Data Protection Regulation (GDPR) is among the world’s toughest data protection laws. Under the GDPR, the EU’s data protection authorities can impose fines of up to €20 million (roughly $20,372,000) or 4% of worldwide turnover for the preceding financial year – whichever is higher.
Since the GDPR took effect in May 2018, we’ve seen over 900 fines issued across the European Economic Area (EEA), and the U.K. GDPR fines have ramped up significantly in recent months. The sum total of GDPR fines levied in Q3 2021 hit nearly €1 billion—20 times greater than the totals for Q1 and Q2 2021 combined.” Source - Tessian.com
Data loss: The breached sensitive data is used by the hackers to generate various kinds of cyber crimes that also include stealing money and the personal identity of the aggrieved people. More than that, crimes like cyberstalking, cyberbullying, and cyber harassment are rising every day. When a database is hacked, valuable information of millions of people is released, and their security is threatened.

On the other hand, it takes more money and machinery to recover and regenerate the lost data for the organization, which might take some time, causing operational disturbances. This harms the business growth cycle.

With increasing cyber crimes, it has become essential to operate devices with proper cyber security. Data breach is a threat to both individuals and companies. With the Covid Pandemic, a new trend of Work-from-home has emerged, and personal devices have become Company assets. It is thus essential to be aware of all the potential threats to Cybersecurity and their solutions.

Sensitive Data thus constitutes a major part of the Database of an enterprise and should be secured with effective Data Security Services.

To know more about Data Security and Compliance Services that are beneficial for your business, contact Sundew!

Thoughts and Trends
Across Our Focus Areas

Blog

The Big Small: Impact of Modern Start-Ups in Today’s Business Ecosystem

According to the general philosophy of common men, a start-up can only rise in a country which is already developed and where all the resources needed for doing a business are readily available. The truth is, however, different! Start-ups can spring up everywhere and it can grow in any country, even if it’s not yet developed. Also, the fact is, a start-up can even grow immensely in a nation which is still in need of an economic growth and hence, it can provide a lot of support in the growth of the nation, financially. Today, start-ups can undeniably make a great impact along with making some huge profits themselves.According to the inventor of the Lean Startup movement, Mr. Eric Ries, a start-up is a company which has been newly formed and whose purpose is to develop new and innovative products and services in any given situation. Hence, for the start-ups, this can very well be said that they have the huge potential of attracting growth in a nation. It can bring up new job opportunities, innovative dynamics and much more in today’s world business ecosystem.So, don’t you think this is enough to let the start-ups rise and to encourage people to pursue their start-up dreams today? If not, then here are a few more reasons which can help you to inspire the start-up entrepreneurship. Let’s have a look:It’s All about InnovationA start-up is all about innovation and newness! And this is one of the main reasons behind them being a key feature of economic development in any country. This innovativeness of the start-ups is the sole reason behind higher productiveness in today’s knowledge-based society. With young minds, fresh thoughts and the zeal to do something new, these start-ups have every potential to make it big in the future. So much so, that today, even the big companies are hiring start-ups to make use of their technologies which can help them to flourish their businesses. Surprised? Well, this is the truth!Fresh Job OptionsThere’s no denying the fact that the start-ups have employed a lot of people which have persistently been contributing to the nation’s economic growth. The fact that these start-ups are all about innovations, their potential is huge, to be precise! And when a country feels like encouraging new talents through employments, it becomes necessary for them to invest in the start-ups that are creating several job options for the young minds and which will continue to do so in the years to come. Start-ups are, in a way, the doorway to the world of the Y generation!The All New Research-Innovation SystemBoth the knowledge-based start-ups and the technology ones are very closely related to the several knowledge institutions. This is immensely helpful for promoting research & development and research & innovation method of various organisations and knowledge institutes. Similarly, the need of research works in the various universities, colleges, and research institutes today have significantly increased.These are just a few reasons of encouraging start-ups today and there are much more! Start-ups, today, have the kind of potential and ambition which can help them thrive in the years to come. They are here to stay and boost economic growth with the kind of new job opportunities they offer.And it also has to do with the fact that a start-up of today would sustain jobs for today, but also create new jobs for tomorrow, through expansion, allied businesses, ideas-transfer and many more avenues. This, in turn, brings in good employment prospect for the future generations as well. Start-ups today lay the foundation for start-ups tomorrow and continue to bolster the larger interests of your country or in fact the world.What are your thoughts on this? Do share with us in the comment section below!

Blog

Six Instagram Marketing Tips for Brands in 2019

Instagram is one of the most popular social networks in the world. Last June, it exceeded the billion-user mark. It started as a simple platform for sharing photos and videos with people having similar interests and now it has become a valuable marketing tool for businesses. They are investing more and more on Instagram to promote their products. Here are some tips for using the app to highlight your business.Use user-generated contentIt’s about delivering spontaneous content, like videos and live broadcasts. This type of communication makes it possible to value the human factor, too often invisible in B2B companies, in order to build credibility with potential customers. An excessively professional image may produce an impression of coldness and distance. Nowadays, customers enjoy meeting people who are behind the branding of a company.Combine spontaneity and varietyWith Instagram, posting a photo or video is extremely easy. The time spent, creating the content is thus minimized. The platform allows users to publish different types of content without planning or editing. Diversifying content allows a business not only to reach different audience segments but also to reveal different facets of its business. It is therefore important to focus on variety, rather than confined to monotonous series of posts.Do actively invest in your nicheBesides publishing content, it is important to take an active part in the conversation. In addition to publishing images and videos, a company must be careful to respond to comments from its subscribers. A company that takes the time to interact with others/outsiders is more likely to receive interest in return.Tell a story with each postOn Instagram, the most popular companies are the ones that tell the most compelling stories. To attract a committed audience, you need to invest in high-quality visual storytelling, which allows your company to stand out and establish a consistent presence on the platform. This presence is not limited to the photo and video stream. The Stories feature of Instagram grabs more attention of the relevant audiences.Measure meaningful indicatorsAll indicators are not equal. It is best to focus on data that signals active engagement, such as comments or the number of new subscribers. These indicators make it possible to evaluate concretely the performances of the company and the effective quality of the generated exposure.B2B companies have their place on InstagramInstagram is admired mainly by B2C brands. However, the platform represents a real opportunity for B2B companies, provided these good practices are applied.Now you have a good idea of the steps to put in place to get started on Instagram. Set a specific number of goals and analyze the results of your marketing efforts.  After that, regularly post quality content. Remember to add a bit of storytelling to your descriptions to engage the conversation with your followers. Make Stories to announce big events or exclusive promotions. In case you need further amplification, feel free to get in touch with our experts at sales@sundewsolutions.com or call us at +91-98367-81929.   

Blog

A Few Reasons Why Your Website Needs a Redesign

“What separates design from art is that design is meant to be… functional.” – Cameron MollIf you are into a business, you probably know the need for marketing your products and services. The very first step that a business owner can take to reach out to the target audiences is to develop an informative website. You might already have a website for your company that you had developed by one of the most eminent professional web designers or a company dealing with the same, and undoubtedly, it was great. But it was done long ago. Just as your home needs renovation, from time to time, with a fresh splash of paints your website needs redesigning too. This is what can keep your website to be functional and relevant in today’s world.So, here are some tell-tale signs that can show you how badly your website needs a renovation, that too as soon as possible:No More User TrafficIf it’s happening, you need to act fast! This is the ultimate wake-up call! If the analytics tools say that regular visitors to your website are declining every single day, you need to rethink about it and redesign the website for your own good. The reasons for this can be many. Your website might not contain the latest information, the user interface is outdated, etc. Just check every aspect and incorporate similar changes for the new one by getting in touch with professionals.Complicated Page NavigationWhen you get visitors to your site, you expect them to go through it, read out whatever you have to offer, and then have a good feeling about your company. Similarly, when someone visits your website, he/she expects it to be easy to navigate and simple to read through. So, if your web pages are too much complex, with loads of unnecessary designs and pictures, you need to switch to a new one, without a doubt.Out-dated & Invalid ContentsTechnology is changing overnight. And being in the business sector, it’s important to remain updated. Website content is something that works as a mirror for your company. Your visitors should be instantly attracted to the way you project yourself as a company as well as your products and services through the content. So, it is extremely important to keep updating the contents regularly.Sinking Search Engine RankingSearch engines are changing their algorithms almost every single day. Whatever was leading a few years back has now become obsolete. In order to remain on top of the search engines, you need to have an SEO expert by your side who can find the shortcomings and work accordingly. Learning the key elements of SEO one needs to know can also help you understand how optimization impacts visibility and why regular website updates are crucial.Website Isn’t ResponsiveWhat’s the use of having a beautiful website that opens only on a desktop? Today, people are more into mobile devices. And hence, your website needs to be responsive which ensures that it’s accessible across all platforms like mobile devices, smartphones, tablets, phablets, etc. Responsiveness of a website piques the interest of the visitors.So, what do you think? Are you too facing similar challenges for your company website? If yes, this is probably high time to overhaul and revamp it. And the best solution for this is to get in touch with a web development company. At Sun Dew Solutions, we make sure that all these above-mentioned concerns of yours are met. Our team of experts is trained perfectly to offer you with the best website design and development services, always!If you are all set with your queries already, give us a call at +91-98367-81929 today and we will help your business grow!