Risks of misuse or unauthorized use of data

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Compliance and regulatory risks
Compliance risks cover issues related to unintentional or intentional violation of legal and ethical standards by a counterparty.

We recommend building a compliance system in every company, regardless of its size. This need is also evidenced by judicial practice. A prosecutor's inspection of one small industrial company revealed the absence of anti-corruption measures. Despite the small size of the company, the courts of first and appellate instances confirmed the need for such measures. This emphasizes the importance of compliance systems for all companies.

Automation of processes in this area can significantly increase the efficiency of compliance.

Modern software products can be configured to monitor the activities of counterparties, including their violation of regulatory legal acts.

One of the most popular compliance systems is the anti-corruption one. And this is not surprising, because all Russian organizations are required to take measures to prevent corruption (Article 13.3 of the Federal Law of 25.12.2008 No. 273-FZ).

Another tool that can ensure that counterparties comply with legal requirements is electronic document management systems, which simplify work with documents and make the exchange of information faster and more secure.

Data breaches are a serious issue, especially in industries where privacy is paramount. For example, in 2018, a bug in their software caused the personal data of 29 million users to be leaked . This incident was particularly notable because Mark Zuckerberg’s account was among those affected. Also in 2018, Marriott reported a data breach affecting the data of nearly 500 million customers. It turned out that their booking system had been hacked back in 2016, but the breach was not discovered until two years later.

IT tools that offer encrypted communication channels and secure file sharing can protect sensitive information when interacting with counterparties.

Implementing robust cybersecurity solutions cyprus mobile database protect your systems and data, reducing the risk of data breaches and cyberattacks. These tools may include:

access control and management systems that allow selective restriction of access to a location or other resource based on roles;
data loss prevention (DLP) solutions that monitor the transfer of sensitive data and can prevent its leakage, for example by blocking the sending of confidential files via email or instant messengers;
firewalls that provide network perimeter protection and block unwanted network connections and attacks;
security monitoring and analytics systems that analyze event and traffic logs and identify suspicious activity;
software that helps detect and remove malicious software that threatens data security.
Operational risks
Operational risks relate to disruptions to daily business caused by inadequate or faulty internal processes, employee and system actions, and external events.