The volume and sophistication of cyber attacks continue to increase

Whether you are operating in the financial, health care, technology, media, entertainment, or gaming industries, data protection is an integral part of your business. From customer information to intellectual property to financial data, organizations collect and store unprecedented amounts of information. And, it is becoming increasingly important to ensure that this data is protected.

The volume and sophistication of cyber attacks continue to increase. Cybercriminals are projected to cost the global economy $6 trillion per year by 2021. The New York State Department of Financial Services recently proposed regulations to increase the reporting requirements for companies that are subject to cybersecurity regulations. Moreover, the United States Department of Justice recently announced that a Paris-based corporation had pleaded guilty to conspiring to provide material support to foreign terrorist organizations.

Aside from cyber threats, organizations also face other cybersecurity risks, including unauthorized insider access, distributed denial of service attacks, cyber extortion, malware, and digital espionage. As a result, boards of directors and organizations have become more focused on mitigating these risks.

To ensure the protection of sensitive information, companies need to adopt robust security measures that secure their data throughout its life cycle. These measures include data encryption, data loss prevention technologies, and endpoint protection. These measures protect users from data theft, unauthorized access, and loss of data. In addition, companies should also implement a robust monitoring program that includes good cyber hygiene practices and proactively manage system maintenance.

Many organizations have adopted encryption tools and other security measures to protect their data. These measures should address both cloud and on-premises computing environments. In addition, companies should implement multi-factor authentication to prevent hackers from accessing user data. This type of authentication requires two forms of identification, such as a password and a biometric trait. In addition, companies should also maintain backup and disaster recovery plans. These plans should undergo regular testing and execution. This will help to determine the effectiveness of your plan.

Data protection and cybersecurity issues also require the advice of a qualified team of experts. A national security law firm like Paul, Weiss can assist companies with a wide variety of data protection and cybersecurity issues. The firm’s attorneys specialize in cybersecurity and privacy, and they can help executives navigate the high impact data privacy and cybersecurity disputes that are on the rise. They also advise on employment practices, investigations, and litigation related to cybersecurity issues.

Data privacy laws and regulations are constantly changing. A recent example is the European Union’s GDPR, which requires organizations to implement “appropriate measures” to protect personal data. The GDPR also specifies rules for personal data breach notifications. A company that violates these laws could face negative media attention and lose consumers’ confidence. Additionally, the regulation includes a sanction of up to two percent of its annual turnover. It also requires companies to conduct periodic assessments of their measures’ effectiveness and integrity.

Data protection and cybersecurity are not easy issues for companies. These laws and regulations are complex, and companies must be prepared to detect and respond to incidents. However, a strong security architecture, incident response plan, and robust data security tools can help simplify these tasks.