01 Jan 2019 Pratibha Vishwakarma

Who should be making data security spending decisions and why?

Data Security -  Governance Risk and Compliance | TRC Consulting

With tons of data available on the web, data is vulnerable and is under constant threat. Last year we saw some major data breach incidents across the globe. The Facebook data breach is one such incident that caught much attention of the public and media. Between July 2017 and September 2018, highly sensitive data including the user’s location, contact details, relationship status, etc. were compromised from Facebook. According to Business Insider, “The hackers were able to exploit vulnerabilities in Facebook 's code to get their hands on 'access tokens' — essentially digital keys that give them full access to compromised users’ accounts – and then scraped users’ data.” To fix the problem, Facebook began resetting the access tokens of its users and thus restored the security of their accounts.

In today’s digital world, data is an important asset for any organization. With a vast pool of data being available, it has become extremely crucial to protect and safeguard data. Each and every organization deals with some amount of data for better performance, easy transaction and overall improved efficiency in their offerings. To safeguard data from these threats, organizations need to take adequate measures and invest in their data security.

What are the different types of data securities?

Data security involves three aspects – information security, computer security and system data security. In short, data security in an organization ensures that its people, technology and processes are safeguarded. There are different types of data security like network layer security, IPSec protocol, email security etc. In short, data security deals with different aspects of Information Technology (IT).

Who should be making data security spending decisions?

Data security breaches are on the rise. Of late, we have come across many incidents of data security breaches. While some were deliberate attacks (cybercrime), some were the negligence of data security auditors. Hence, organizations are now coming up with a dedicated data security department to safeguard, protect and secure all the data.

Why data security spending decisions should be with the data security department?

With data being constantly exposed to security threats, IT security is gaining prominence across the globe. It is now a mandatory requirement for an organization to have a data security department in place. The executives of this department have the most critical responsibility of data security.The data security team is responsible for -

1.  The security of IT infrastructure, networks and creating security protocols as per an over all data security strategy

2.  Ensuring security controls are in place

3.  Control data access and regulate permission as per requirement

4.  Adhering to the information security laws, policies and services while conducting periodic update and health check of data

Given the responsibilities of the data security department in an organization and the critical function that this department does, it is only natural that the data security spending decision should lie with this department. At the central level, the Chief Information Officer is responsible for budgeting and spending on data security along with the overall IT spending.

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