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Lessons to be learned on Data Privacy Day 2020

By Anurag Kahol, CTO and co-founder, Bitglass

Most companies are entrusted with consumers' personally identifiable information (PII). As a result, these enterprises represent an attractive target for cybercriminals. Organizations must shore up their security programs by remaining vigilant, aware, and getting a handle on the security of their data. By placing security, compliance, and consumer privacy at the epicenter of your business with a proactive security strategy, companies can help address individuals' privacy concerns and cement their loyalty in your brand.

The following statistics were gathered by researchers here at Bitglass, and they represent the pitfalls of the hundreds of thousands of surveyed companies. Data Privacy Day 2020 is a great opportunity for enterprises to take these statistics into consideration and rethink their current security strategies:

  • The top three breaches of financial institutions in 2019 compromised over 106 million individuals' records, demonstrating that many financial organizations are not taking the proper steps to secure customer data in the modern cloud environment.
  • 86% of enterprises have deployed cloud-based tools, but only 34% have implemented single sign-on (SSO), one of the most basic and critically important cloud security tools - an indication that companies are not leveraging appropriate tools to keep consumer data safe.
  • 52% of the Fortune 500 do not have any language on their websites about how they protect the data of customers and partners (beyond a legally required privacy notice).
  • 75% of companies leverage multi-cloud solutions, but only 20% have visibility over cross-app anomalous behavior. With more organizations storing sensitive information in the cloud, adopting proper cloud security measures is critical to protecting data.

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About the Author

Anurag Kahol 

Anurag Kahol is the CTO and co-founder of Bitglass. As CTO, Kahol seeks to expedite the technology direction and architecture of the company. Previously, he was the director of engineering at Juniper Networks' Security Business Unit.

Published Tuesday, January 28, 2020 8:04 AM by David Marshall
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