Finance leaders, including organisations' chief financial officers, are now required to have a firm grasp of technology, even if in essence, it is not part of the traditional job description.
The reason for this is that the role is evolving, and as technological advancements and digital transformation take up the center stage of the business landscape, CFOs must keep up.
Understanding data protection and data security is important, as the latter guards digital data against unauthorised access, theft, or damage.
Data protection plays a role in ensuring that people use data in a good and legal way, following privacy laws, asking for permission, and letting people control their own data.
Data privacy, led by rules like GDPR and CCPA, leans on being responsible with personal information, making sure companies have the right security to follow these rules.
Among the practical steps to keep data safe are:
Data Classification. Categorise data based on importance and sensitivity, applying suitable security measures for each type.
Access Control. Regulate employee access, limiting it to necessary data only.
Security Awareness Training. Educate employees on data security and the importance of keeping sensitive data safe.
Strong Passwords and Multi-Factor Authentication (MFA). Enforce strong passwords and use MFA for added account security.
Data Encryption. Make data unreadable even if stolen by encrypting it in storage and transit.
Data Backups. Regularly back up data for quick restoration in case of cyberattacks or disasters.
Zero Trust. Continuously validate users’ security before granting or maintaining access.
Incident Response Plan. Develop and regularly test a plan for steps to take in case of a data breach.
