Whether you ask Alexa to buy the latest suede jacket you have been desiring or access your bank account to pay off your student loans, giving out personal information is inevitable today. Meanwhile, businesses collect your data to conduct business transactions for your benefit and learn and decipher collective insights from data patterns.
Data Breaches
There is much information given and taken from both customers and businesses. However, it is no guarantee that personal information will be safe in the hands of traditional IT safety precautions. Such corporate sensitive data should be protected by firewalls and limited access and be encrypted for protection from hacks and leaks while being kept under close monitoring.
According to Cybersecurity Ventures, cybercrime will cost the world $6tn by 2021, and a business will fall victim to ransomware every 11 seconds. To add on, Norton Security says that 33 billion records will be stolen by 2023. You may think that this is irrelevant to you or your company, but it will be too late once you find out, as it takes an average of 287 days to identify and contain a data breach, according to IBM.
Back in 2019, France’s data protection regulator, CNIL, fined Google $50m for not complying with GDPR obligations. As regulations can impose fines of up to 4% of a company’s annual turnover, it can be worth millions or even billions for large corporations.
To prevent costly data breaches, companies need to know how to protect the data they collect while following the rules of the privacy regulators. Businesses can do it by isolating sensitive data in servers and restricting access. Yet, for many cases, data or information breaches are not only coming from external forces like hackers but are also caused by internal mismanagement and human errors.
This calls for an enterprise solution that helps personal data be secured automatically and systemically in an enterprise environment.
Preventing Data Breaches
PII (personally identifiable information) needs security detail that leaves less space for human intervention during its collection, detection in storage and use and safekeeping encryption process. Furthermore, once PII serves its purpose, enterprises are required to destroy inactive members and destroy their PII under careful scrutiny.
Traditional security software usually takes time to be fully integrated into corporate systems. Yet, Spiceware, a SaaS security solution, takes only days to roll out while having PII-specific details to be GDPR compliant.
What sets Spiceware apart from existing data protection services is that it is a cloud-native software. PII lifecycle is Spiceware’s unique terminology that defines the framework for establishing data privacy protection measures, from the collection, use, storage and provision, to the destruction of PII. Spiceware provides an all-in-one service that analyzes the status of the customers’ database and examines the purpose of PII in preparation for a complete data protection system.
Furthermore, Spiceware uses automation as the key to filter important data for encryption, without any changes in source codes, which increases productivity and prevents human error, eliminating security vulnerabilities. Spiceware solves the problem that conventional encryption solutions face in protecting data in the cloud: that DB-Plug in method cannot be installed in the cloud and that API method requires encryption code insertions to all web services and applications.
Spiceware One has three key features that ensure the safekeeping and management of PII. PII CDE (collection, detection and encryption) is an automated collection, detection and encryption of PII in the cloud environment using a patented no-code modification technology, conveniently and effectively safeguarding sensitive data even in case of a data breach. PII ALM (access log management) is an automated detection and monitoring of user access records for improved monitoring and internal audit processes designed to prevent identity theft and data leakage of personally identifiable data. PII RND (retention and destruction) automatically detects personal information that has achieved its purposes, such as inactive members and withdrawn members, and destroys them under high-level protection management.
Government policies increasingly regulate PII. While Spiceware complies with local PII rules, it also complies with global privacy regulations like the GDPR and CCPA through Spiceware PII ANP (anonymization and pseudonymization), which utilizes big data through anonymization and pseudonymization of personally identifiable information essential for data sharing and merging.
Currently, Spiceware protects all data handled by enterprises in finance, public, telecommunications and healthcare sectors. It provides data security and PII protection services for building infrastructure utilizing the cloud, big data and AI.
“Spiceware’s technology has been continuously recognized by many credible organizations,” said Keunjin Kim, founder and CEO of Spiceware. “We will continue to strive to become an innovative global tech company leading the cybersecurity field through continuous research and development.”
This cloud-native protection service provider is currently available on the AWS marketplace, and it has been working with major South Korean telecommunication companies in protecting their customer data.
