"Data is the new oil". This quote by Clive Humby from 2006 has become a well-known phrase in IT as it emphasizes the central role that data plays in the modern era. The significance of big data can no longer be overlooked. This is evidenced by the handling of the vast troves of data that get into the hands of big tech giants like Facebook, Google, Apple, Microsoft, and Amazon daily. Recently one of the most frequently asked questions in the technology industry has been what can an organization do to keep its data safe?
With the world having such an enormous appetite for data, it is paramount that organizations be in sync with data security best practices so that this valuable commodity does not end up in the wrong hands. In this age, failure to uphold the highest level of security can result in massive financial losses, as evidenced by the $56 million fine that was imposed on the search engine Google Inc. by French authorities over a privacy breach.
In 2016, Cupertino California-based Apple Inc. was engaged in a massive legal dispute with the FBI involving client data. The tech giant challenged the FBI's directive to create and electronically sign new software that would make it possible to unlock an iPhone 5C. The device was recovered from one of the shooters involved in a terrorist attack in San Bernardino, California, in December 2015.
So, what were their pitfalls? What can you do to avoid similar situations in your business? How can you protect your sensitive data from hackers and fraud? Read on to learn which data security methods are the best for your business.