In the past, organizations and people have been negligent regarding the importance of data security. Until the data breach happens or the stolen data is leaked, the organizations then start to realize the serious and harmful consequences and start to strengthen data protection to avoid any data security risks from happening.

What is data security? Why is it important? and how to protect the organization and individual from data security risks? In this blog, you will explore all these questions thoroughly.

What is data security?

Data security is the process of protecting your digital data from unauthorized access or alteration. It is one of the core parts for businesses to retain customer information, customer payment information, company intellectual property (IP) . By implementing the right security measures, you can ensure that your customer’s data is kept safe and secure.

Facts of Information security risks in Malaysia

In Malaysia, there are 7,292 reported cases in 2022 according to Malaysia Computer Emergency Response Team (MyCERT). (https://www.mycert.org.my/portal/statistics-content?menu=b75e037d-6ee3-4d11-8169-66677d694932&id=4e056ced-6983-4487-a5d2-56c10879a24b) This includes fraud, phishing attacks, ransomware attacks, virus infection and other kinds of threats. This does not include unreported cases. The figure of 7,292 reported cases in 2022 is approximately 1 case reported every hour. Cybersecurity issues will continue to be the top concern in 2023. According to the Malaysia Cyber Security Strategy 2020-2024 report, the country may face economic losses of up to RM51 billion due to cyberthreats.

Common Types of Information Security Ris

1.  Cyber Fraud -Cyber fraud refers to crimes committed via the Internet by cyber attackers. These crimes are committed with the intent to illegally acquire and leverage an individual’s or business’s sensitive information for monetary gain. Financial fraud and identity theft are common types of cyber fraud in Malaysia.

2. Intrusion – Intrusion is to compromise a computer system by breaking the security of such a system or causing it to enter into an insecure state. The act of intruding or gaining unauthorized access to a system typically leaves traces that can be discovered by Intrusion Detection Systems.

3. Ransomware – ransomware is a form of malware that locks down computers or restricts users from accessing certain parts of the system until a sum of money is paid to the hacker to release the access

4. DoS attacks – denial of service attacks are cyber attacks that attempt to disrupt services by overloading them or disabling their services entirely.

5. Data Tampering – It is the act of altering the data stored by an unauthorized person without the consent of the owner. For example, a hacker attacks a server to access the data and then alters or deletes the data without permission from the owners.

6. Phishing attack – this is a common type of attack where an attacker creates a fake website or email with a hyperlink to a malicious website in an attempt to trick users into handing over their confidential information.

7. Supply Chain Attack/Formjacking – Formjacking/Supply Chain Attack is a type of cyberattack where criminals insert malicious code into websites to take over the functionality of form pages and collect sensitive user information or valuable data. These form pages may include Personal Identifiable Information (PII), such as usernames, passwords, addresses, phone numbers, and credit card data, which are then sold on the dark web or used to breach other networks.

Why is data security important for business?

Protecting confidential customer information is critical to maintaining relationships with customers. This is especially important for businesses whose competitive advantage is based on customer relationships and loyalty. Companies that lose customer information can face financial penalties as well as lawsuits from customers who have had their personal information stolen. Many countries have laws in place that require companies to protect the privacy of their customers’ information.

In Malaysia, collection, processing, storage, transfer and retention of individuals’ personal data are governed under the Personal Data Protection Act 2010 (the “Act”). Non-compliance with Malaysia’s PDPA can result in fines of up to MYR 500,000 and/or up to three years of imprisonment.

How to effectively protect your organizational data?

Here are 5 data security strategies you must know:

1. Establish clear data security and privacy policies and procedures
   Establish and enforce policies and procedures to ensure that all employees understand the organization’s data privacy and security requirements
2. Develop awareness programs
   This is a way to keep all employees aware of their roles and responsibilities in protecting the organization’s data, as the data protection is not only the duties of IT personnel or other related person-in-charge. In addition, the organization can provide training as necessary to ensure employees understand their responsibilities and obligations in maintaining the confidentiality of the data.
3. Conduct audits to identify vulnerabilities within the organization’s security systems
   Conduct regular security audits to ensure compliance with data privacy regulations and best practices.
4. Secure your Network
   Technology solutions such as firewalls and anti-virus software can help protect sensitive corporate data from unauthorized external access. Software solutions can help protect the confidentiality and security of an organization’s data. Click here for some recommended data protection software (https://cybernews.com/resources/best-data-protection-solutions/).
5. Encrypt & backup your dat

   Data encryption limits data access to parties that have the encryption key, it ensures unrelated parties understand the information even if they access to the data. Regularly backup your organization’s important information and data can prevent huge losses in term of monetary, time and resources. The organization can follow the 3-2-1 backup rule to provide you with best practices: (https://www.uschamber.com/co/run/technology/3-2-1-backup-rule)

   3: Create one primary backup and two copies of your data.

   2: Save your backups to two different types of media.

   1: Keep at least one backup file offsite.

In conclusion, data security is of utmost importance for businesses in Malaysia. Without the right security measures, customers’ data and intellectual property are at risk of being stolen or manipulated. This can have serious implications for businesses in terms of customer trust and business reputation. Or worse still, the business may collapse. The organisations should take the necessary steps to protect their data and customers by implementing the right data security measures. Taking the necessary precautions while handling data can save businesses from potential risks and harm.