Leading Privacy Authority of the State of Protections in 2022

As featured on the Price of Business Show with Kevin Price

Today, companies have more data stored online than ever, and it is becoming increasingly common for large amounts of personal and corporate data to fall into the hands of cybercriminals and other bad actors. Inadequate cybersecurity practices and vulnerable digital systems have left many businesses unprepared to deal with data breaches. Several prominent corporations, including Facebook and T-Mobile, have been the recent target of major breaches that exposed the data of tens of millions of their customers.

Tom Kelly, president, and CEO of IDX, sat down with Kevin Price, radio host for the "Price of Business" radio show, to discuss the current state of personal and corporate privacy protections and how enterprises can address data breaches in the coming years.

As Tom outlined to Kevin, many private companies have a plethora of data on their customers, such as credit card numbers and home addresses. Larger companies also possess sensitive corporate data, such as trade secrets.

In particular, tech companies and large retailers have optimized increasingly sophisticated tools to gather user data for the purpose of monetization; but these tools are at even greater risk of breaches that compromise personal privacy.

Tom noted that large enterprises such as Google, Amazon, Facebook and Netflix are particularly vulnerable to data breaches because their business models are dependent on accumulating large amounts of user data. “They look at you, and they’re gathering, and they’re mining the information about you for the sole purpose of their business model, which is to monetize your digital footprint,” he stated.

Tom forecasted that legislative action and stronger public backlash would put pressure on large enterprises to step up against invasions of privacy. He added that these enterprises have not yet demonstrated their commitment to greater privacy protection, nor have they shown a willingness to reform their business models.

Corporate leadership and oversight must be vigilant and proactive about the danger of data breaches. Companies must, before it’s too late, put into place a cybersecurity plan that better enforces privacy protections. They need to have malware and antivirus products in their computer systems, effective password protection, secure networks in place of public networks, and greater consciousness of the data they are gathering from customers.

“I think that’s going to be an advantage, a competitive advantage, for companies coming into these next several years,” Tom said of corporate strategies regarding these internal privacy measures.

As we continue into the new year, we all must remember to remain vigilant against the threat of data breaches. But the tools you need to protect your business or personal information are available to you. Visit www.idx.us to see how IDX privacy protection software can help you.