What Is Data Privacy and Why Is it Important?
Data privacy deals with the regulations of collecting, using, storing, and sharing personal information. Most often, it means that any third party that collected your private data has no right to distribute or share it without your consent or other legal reasons.
Data privacy goes hand in hand with security. Statistically, around 70% of all cybercrimes worldwide are connected to identity theft. Breaches in large corporations’ cybersecurity cause tremendous financial losses, not to mention damaged reputation and loss of customers’ and employees’ loyalty. Financial fraud is one of the top concerns among the biggest banking and other monetary organizations.
What Is Data Encryption?
Encryption is a technology of encoding and decoding data. Certain algorithms encode information to make it unreadable. This data can only be decoded to its original form by using a special key.
Encryption is particularly relevant to data security. It protects sensitive information from threats, including malware and unauthorized access. Data encryption is a universal security solution: it can be applied to some data, such as passwords and information in a single file or the entire data storage.
Software, apps, and services using data encryption algorithms or blockchain technology have undeniable benefits. Grapherex, a secure messenger, cryptocurrency wallet, and P2P exchange in one application, is a successful example. What are the key benefits?
End-to-end encryption ensures that only the sender and the recipient have access to the original message content. It makes the information inaccessible to mail servers and other agents transmitting user data.
No Data Stored on Grapherex Servers
All data and private information are stored only on the user’s device. It reduces data leak threats on the server-side.
User-Only Access to Wallets
The app doesn’t access users’ crypto wallets. The records of your transactions stay encrypted. With Grapherex, your crypto wallet becomes a full-fledged financial tool while remaining private and secure.
Worldwide Trends in Data Privacy
Data privacy is on the agenda among governments, corporations, and cybersecurity industry leaders. Here are the main topics currently trending globally.
Data Privacy Automation
Machine learning neural networks process large data arrays to detect data leaks and financial fraud in a short time as opposed to manual processing. Besides, data privacy automation can range from filtering preference and consent settings to platform management according to international and local legal regulations.
Increasing Transparency in Data Privacy
Recent studies show that over 50% of customers would switch companies because of their data sharing policies. Protecting user data privacy is crucial for building customer trust and loyalty.