In the second and final episode of our Expert Tech Talk podcast series, Ian Madrigal, known as the Monopoly Man, and Sid, IT security expert at ManageEngine, get into a detailed discussion on various regulatory mandates; the potential consequences of data breaches, especially on small and medium-sized businesses (SMBs); and much more.
With regulatory mandates such as the General Data Protection Regulation (GDPR) in Europe, the California Consumer Privacy Act (CCPA) in the state of California, and the Protection of Personal Information Act (POPI) in South Africa already in effect—and with similar data privacy frameworks expected to be implemented soon in different parts of the world—Ian and Sid also explain the pressing need for such laws in today’s business environment.
Here is an overview of what is discussed in this episode:
How did the CCPA come about?
Ian shares their take on the first-ever data privacy law in the US, the California Consumer Protection Act (CCPA), and how it has signaled a tectonic shift in how companies should treat data. They also explain how data is no longer gold, but rather a liability if it’s not handled properly.
Sid explains how ManageEngine’s comprehensive SIEM solution, Log360, helps in complying with various regulatory mandates around the world. The solution is featured in Gartner’s 2020 Magic Quadrant for SIEM, amounting to Log360’s fourth consecutive appearance in the quadrant.
Consequences of a data breach
The discussion then extends to data privacy and what happens when a breach takes place. In the event of a breach, the personally identifiable information (PII) of individuals, such as their email address, credit card number, and financial data, could be compromised. This could also lead to identify theft, which is even more dangerous.
Small businesses and data breaches
Ian highlights how small businesses must also have measures in place to protect themselves from potential data breaches. Ian also debunks the common myth that attackers may not target smaller organizations. These organizations could come to a standstill should a breach take place, as the consequences—costly fines, loss of trust, etc.—could put them out of business
A case in point is Verizon’s 2019 Data Breach Investigations Report, which states that 43 percent of cybercriminals targeted small businesses. Small organizations should therefore step up their security game by staying up-to-date with the necessary information, having the right solutions in place to thwart attacks, etc. Otherwise, SMBs run the risk of going bankrupt due to the costs associated with a breach.
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