EDITOR ’ S QUESTION
JOHN SCOTT , LEAD CYBER SECURITY RESEARCHER , CULTUREAI
Businesses need to reevaluate their policies around keeping customer personal identifiable information .
Up until recently , businesses often operated under the notion that the more customer data they amassed , the more value they could extract from it .
However , with the escalating risk of data breaches , this approach is no longer practical .
Instead , it ’ s becoming increasingly crucial for businesses to adopt a more cautious stance by
Anonymising data is a way of extending the value of the data while reducing the risk associated with storing personally identifiable information .
collecting only the minimum amount of data necessary and implementing measures to either destroy or anonymise it after a certain period .
SCOTT SILVER , CEO , INTEGRAL PARTNERS , A XALIENT COMPANY
Anonymising data is a way of extending the value of the data while reducing the risk associated with storing personally identifiable information .
This shift in approach not only mitigates the potential impact of data breaches but also aligns with the principles of data minimisation and privacy protection advocated by modern data regulations .
Identity compromise is a major concern that continues to escalate , Identity Management Day aims to create broader awareness for both organisations and individuals around this critical issue .
Last year saw a 17 % increase in identity compromise , affecting nearly 250 million victims .
LIM TECK WEE , AREA VICE PRESIDENT , ASEAN , CYBERARK
Companies must manage and secure their digital identities to protect employees , customers and their data .
With digital identities evolving at a rapid pace , identity security is a crucial aspect of cybersecurity .
This Identity Management Day , the push to educate business leaders , IT decision-makers and the general public about the importance of managing and securing identities came at the perfect time .
As the threat landscape continues to evolve and cybercriminals have access to a host of new and more powerful technologies to harness their skills , companies need to be a step ahead and implement Zero-Trust strategies to keep the identities of their employees and customers safe and secure .
According to the 2023 CyberArk Identity Security threat landscape survey , 99.9 % of Singapore organisations expected identity-related compromise last year . This shows that compromising identities remains the most effective way to access sensitive data and assets – and attackers know it .
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