Most of the consumers’ data is stored on digital platforms and this brings with it considerable digital risks that need to be managed. Almost 3.2 million debit and credit card details
were reportedly stolen in 2016. With technology spreading its roots deeper in the society, businesses have emerged as the most vulnerable target of digital data infringement risks. Today, it is exceedingly difficult for businesses to survive without technological assistance in the constantly growing competition. It is projected that USD 2.3 trillion
would be invested worldwide by 2023 to ensure digital transformation.
It is therefore paramount for businesses to ensure robust digital data management and negate infringement risks. Digital data infringement risk refers to any dangerous consequence that creeps through along with the adoption of technology to store data. Owing to the grave consequences of digital data infringement, its management should get immediate attention of every 21st Century enterprise.
Here are few steps that businesses can follow to ensure better data privacy of consumers: