How to avoid non-compliance fines in data breaches?

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Introduction

In today’s data-driven world, businesses are increasingly choosing cloud services to store and manage their company data including personal information. While the cloud offers great convenience and scalability, it comes with a significant challenge, which is making sure to follow data protection rules and securing the data from time to time. Failing to comply with these data protection rules can lead to serious consequences, including financial penalties and harm to a company’s reputation

What is Data Breach?

A data or security breach in the cloud occurs when sensitive information is accessed, obtained, or disclosed without authorization. This sensitive information encompasses personal data, financial records, intellectual property, or any data that if in the wrong hands, could result in significant harm.

What is a Non-Compliance fine?

In cloud security, a non-compliance fine could be imposed on a company that fails to protect sensitive customer data stored in the cloud, violating industry regulations. For instance, if a healthcare organization neglects to implement required protection measures for patient records, it might face a non-compliance fee due to jeopardizing data security. This fee serves as both a discouragement and a means to establish high standards in safeguarding information within cloud environments.

 

2023 has seen the biggest GDPR fine issued to date, at over a billion euros. 

Learn about how British Airways, Uber, Marriott, and Equifax fell victim to data breaches and had to pay millions of dollars in non-compliance fines. Read here

How can we prevent data breaches to avoid such fines?

1. Understanding the Rules and Regulations:

Deepen your understanding of industry regulations to navigate compliance successfully. Stay informed about changes to align your cloud practices with the latest requirements, mitigate regulatory risks, and practice data leak protection measures.

2. Encryption for Data Security:

Prioritize the implementation of robust end-to-end encryption. This foundational step ensures data leak protection and security in transit and at rest and serves as a tangible demonstration of your commitment to data security.

How do I implement robust end-to-end encryption? Check out here.

3. Classifying data, Controlling Who Gets In, and Minimizing Consequences:

Classify your data based on sensitivity and implement rigorous access controls. Regularly review and update permissions in your cloud to limit the impact of potential security breaches. Enhance your overall data protection strategy by staying up-to-date with the latest cloud security solutions in use. 

4. Proactive Audits, Monitoring, and Vulnerability Management:

Conduct routine assessments such as risk assessments, and data leak protection strategy of your cloud infrastructure to detect vulnerabilities. Implement continuous monitoring tools for early detection of suspicious activities, adopting a proactive stance against potential security breaches.

5. Consulting a Cloud Service Provider:

Understandably, not every business can secure its data in the cloud on its own. It is advisable to thoroughly vet third-party cloud service providers such as Caretcloud. You can clearly define your responsibilities and expectations in SLAs (Service Level Agreements), fostering a collaborative approach to security and reducing the likelihood of misunderstandings with the cloud provider during a security incident.

Conclusion

Taking a careful and proactive approach to data security in the cloud preferably with the help of a cloud service provider who can implement and manage end-to-end cloud security practices can help businesses steer clear of compliance issues during a data breach. It also sets the stage for building trust and reliability in the digital era.

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