In today’s digital age, data is the new currency. Companies collect and analyze vast amounts of data to gain insights into customer behavior, market trends, and business operations. However, not all data is created equal, and not all data sources are trustworthy. This is where data brokers come in. Data brokers are companies that collect and sell data from various sources, including public records, social media, and online activity. While data brokers can provide valuable insights, they also pose significant risks to organizations’ cybersecurity and data privacy. This guide aims to help CISOs reduce the risks of data broker usage.
Understand the Risks
The first step in reducing the risks of data broker usage is to understand the potential risks. Data brokers collect and sell vast amounts of personal and sensitive information, including names, addresses, phone numbers, email addresses, social security numbers, credit card numbers, and more. This information can be used for identity theft, fraud, phishing attacks, and other cybercrimes. Moreover, data brokers may not always obtain this information legally or ethically, leading to legal and reputational risks for organizations that use their services.
Evaluate Data Broker Partners
The second step is to evaluate data broker partners carefully. Not all data brokers are created equal, and some may have better security and privacy practices than others. CISOs should conduct due diligence on potential data broker partners to ensure they comply with relevant laws and regulations, have robust security measures in place, and have a good reputation in the industry. CISOs should also review the data brokers’ privacy policies and terms of service to understand how they collect, use, and share data.
Limit Data Sharing
The third step is to limit data sharing with data brokers. Organizations should only share the minimum amount of data necessary to achieve their business objectives. CISOs should work with business units to identify what types of data are essential for their operations and ensure that data brokers only receive that data. Moreover, CISOs should ensure that data brokers do not share or sell the data to third parties without the organization’s explicit consent.
Implement Data Security Measures
The fourth step is to implement data security measures to protect the data shared with data brokers. CISOs should ensure that data brokers have adequate security measures in place, such as encryption, access controls, and intrusion detection systems. Moreover, CISOs should ensure that data brokers comply with relevant security standards, such as ISO 27001 or SOC 2. Finally, CISOs should monitor data brokers’ security practices regularly to ensure they remain effective.
Monitor Data Broker Usage
The fifth and final step is to monitor data broker usage regularly. CISOs should work with business units to track how data brokers use the data and ensure they comply with the organization’s policies and procedures. Moreover, CISOs should monitor the dark web and other sources to detect any signs of data breaches or cyberattacks related to data brokers. Finally, CISOs should conduct regular audits of data broker usage to identify any potential risks or compliance issues.
Conclusion
Data brokers can provide valuable insights into customer behavior, market trends, and business operations. However, they also pose significant risks to organizations’ cybersecurity and data privacy. CISOs can reduce these risks by understanding the potential risks, evaluating data broker partners carefully, limiting data sharing, implementing data security measures, and monitoring data broker usage regularly. By following these steps, CISOs can ensure that their organizations benefit from data brokers’ insights while minimizing the risks associated with their use.
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- Source: Plato Data Intelligence: PlatoData