Cybersecurity and Data Privacy: Data breaches happen in various sizes, but the major ones often grab more attention. Every employer needs to recognize the risk of a security breach. A breach can harm a business's reputation and finances, especially for small companies without cyber liability insurance. This can affect customer service, work efficiency, and how people perceive the company.
Data breaches are when hackers get access to personal information, affecting privacy. While some may think cybersecurity and data privacy are the same, they differ. Let us take a closer look at this topic for CA Exams .Also Check: | |
Management Accounting | Financial Accounting |
Auditing and Assurance | Taxation |
Financial Management | Business Laws and Ethics |
General Data Protection Regulation (GDPR):
Implemented by the European Union (EU) in 2018, the GDPR sets stringent standards for the collection, processing, and storage of personal data. It applies to businesses operating within the EU and those handling data of EU residents, regardless of their location. The GDPR emphasizes transparency, accountability, and individuals' rights, requiring organizations to adopt robust data protection measures and promptly report data breaches.California Consumer Privacy Act (CCPA):
Enacted in California, the CCPA grants residents greater control over their personal information. It mandates businesses to disclose the types of data collected and allow consumers to opt out of data sales. The CCPA applies to businesses meeting specific criteria, such as annual revenue thresholds or handling large volumes of Californian residents' data.Other Privacy Legislations:
Besides the GDPR and CCPA, various other privacy laws exist globally, each with its unique requirements. These laws address issues such as data localization, consent mechanisms, and data breach notification protocols. Compliance with these regulations is essential for maintaining trust with customers and avoiding hefty fines.Cybersecurity Best Practices:
In addition to legal requirements, businesses should implement robust cybersecurity measures to safeguard against cyber threats. This includes regular security audits, employee training programs, encryption protocols, and incident response plans. By prioritizing cybersecurity, organizations can mitigate the risks of data breaches and protect sensitive information.Also Check | |
Professional Ethics and Code of Conduct | Accounting Information Systems (AIS) |
Working Capital Management | Commercial Laws |
Corporate Laws | Contract Law |