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Five Steps for Managing the Risks Associated with Sensitive Data
In the “Information Age,” data has become a form of currency, and the types and quantity of data that businesses collect, store, buy, sell, and manage continue to expand. Sensitive, personally identifiable information (“PII”) such as names, Social Security Numbers, account numbers, dates of birth, and physical and virtual addresses are collected and used for virtually every corporate function: human resources, marketing, sales, customer support, technical support, product development, investor relations, regulatory compliance ' the list goes on. Companies also handle sensitive data related to intellectual property and trade secrets that must be protected.
Industries like banking and health care that are subject to specific privacy and data security laws have long been sensitive to the risks and potential liabilities associated with handling PII. But, many other businesses are just beginning to become aware of the responsibilities and exposures that come with handling employees,' customers,' and other people's data. The trend toward cloud computing, use of third-party application service providers, and outsourcing functions that can include payroll, benefits, marketing and more, multiply the potential vulnerabilities, and up the ante when it comes to managing data-related risk.
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