The cloud data storage system has been proven as essential and critical now more than ever. The benefits and security of data protection on the cloud are unquestionably helpful for businesses across the globe. This pandemic has ensured the usage of cloud applications by organizations on a daily basis. As ‘Data’ has become equally important as ‘Money’ or an asset, so a lot of investment and planning goes into protecting and backing up that data. While organizations understand the importance of ‘Data’ and how an error manual or haphazardly can turn into a blunder.
It can be a human error either a computer system crashes or a server issue, such situations can be disastrous. That is why having a backup for SaaS or Data is an absolute necessity when in need of recovery. The swiftness, flexibility, and cost-effectiveness that data storage provides have not yet been entirely embraced by the financial services industry (FSI) due to certain challenges in terms of the security of sensitive data/information.
The Law
Recently, the government of India has proposed new law – Personal Data Protection (PDP), pertaining to the GDPR regulations and data protection framework. The PDP Bill puts limitations and restrictions on the usage of personal data collected of individuals with notice and consent. Data localization and consulting in-house data protection officers for companies. In South Africa, the POPAI – Protection of Personal Information Act is set in place for data protection and security regulations.
Companies that do not abide by the rules of the act shall face charges and jail in some cases (Source ITWEB). As the world evolves with Digital Transformation, so with it the risk around data security grows as well. To avoid the loss of data or fraudulent attacks, it becomes an equal responsibility of everyone, cloud service providers, data centers, clients, and individuals of keeping the data safe and secure.