Automotive Industry in United Arab Emirates & Information security

For years, industries across the world have focused on information security in their businesses and data control. Many reports and surveys conducted to analyze the present situation of information security policies in the industries reveal shocking facts. It is alarming to take the establishment of information security seriously in different areas of the world.

The nations that have adopted privacy laws and are compliant with them must regularly assess themselves, whereas the countries lacking the security policies must find a way to include the privacy laws in the upcoming years. Why do we say that information security is an area of prioritization? It is because of the incredible rise in the number of identity thefts and data thefts of consumers.

Businesses must understand the dangers of vulnerabilities they invite. They must focus on the insights and advice given by experts on the sensitivity of securing information. Among lots of important areas of discussion, the focus remains on document management, storage, and destruction at the appropriate time.

Here we have focused on the situation of the different industries in different parts of the world. How can one effectively ensure information security without compromising on production efficiency is discussed in the upcoming section!

Present Industry Situation

Information security and data breaches are not new to the world. For many years it has been painful for most businesses. As reported in 2014, Russian hackers stole more than 1.4 billion passwords. The cost of data breaches can be around $148 million. Not just the loss in finances, but the reputational damage multiplies to a thousand times. For most businesses, a breach that costs even a fraction of money is unforgivable.

Many businesses have increased their investment in policies and training of the employees. Due to the risk of information security, concerns are more. Reports from all around the world suggest that the companies still lag in installing complete security systems. The security trends in America and Canada have many loopholes. In 2014, surveys reveal, around 11% of the American C-suites executives accepted that their organization had no security protocol for the storage and disposal of private data. 13% of the Canadian organizations were without any protocol.

The Middle East countries- Dubai, UAE are the worst victims of data breaches and information theft. According to reports, cybercrime costs $400 billion annually and would reach $6 trillion by 2021. The Middle East countries and their organizations are the most targeted by hackers due to insufficient security awareness and shortage of technical capabilities. The appropriate legislations for defending the business systems are also lacking. The rapid rate of digitization across businesses is the chief cause of the increase in attacks. According to a report by Pricewaterhouse Coopers in the year 2016, the companies in the Middle East suffer significant losses as compared to other regions. Around 56% of losses were due to cyber incidents. It is essential to understand that many countries are facing different tests in the maintenance of security, however, Dubai and Middle East regions are under more attack due to their softness on legislation.

UAE is one of the biggest economies in the world with a GDP of more than $690 billion as per 2018 reports. It is one of the most diverse economies in the Gulf countries and a heavy exporter of oil. UAE also ranks among the top countries with high digital consumer adoption and more usage of smartphones and social media. Hence, ransomware attacks and cyber data breaches are frequent in the leading business houses. The small businesses are also not shown any mercy by the malicious infiltrators.

Businesses, financial institutions, and government agencies have also suffered the severe effects of information security mismanagement. It’s high time for UAE, especially Dubai and nearby regions, to take measures to prevent cyberattacks and the forthcoming consequences.

Unfortunately, the officials and executives in organizations are themselves unaware of privacy laws in their estate and the necessity of devising their security policies. The mediocre training of the employees and mismanagement in sharing of documents is the added burdens to the overall impact of security breaches

Legislations and amendments

To combat these increasingly common issues, the state governments have taken the step forward and created laws and regulations to protect the rights of customers and businesses from information security threats. Every year, new data privacy laws are designed and implemented with modifications to the previous laws. These amendments are made to match the information technology advances and prevent any misuse of consumer data. Some of the most common laws can be the following.

The General Data Protection Regulation(GDPR) is a well-devised regulatory law for privacy protection introduced by the European Union to the world. GDPR law applies to every firm that deals with the personal data of European citizens, despite the physical location of the firm in the world. The process, storage, usage of personal data should be done appropriately and protected at any cost. Failing to comply with GDPR can lead to a penalty equivalent to 2% or 4% of the global annual turnover of your company.

The Health Insurance Portability and Accountability Act(HIPAA) enacted by the US government protects the rights of the patient's health information. It ensures that the personal details of patients, their health status, financial status, medication slips, invoices, and similar information are secured by the health institutions. Failing to comply with this law can cause extreme reputational damages along with loss of company assets.

The Personal Information Protection and Electronic Documents Act(PIPEDA) enacted by the Canada legislation protects the rights of individuals. It allows individuals to give consent when their data is collected, used, or disclosed to any other party. The information should not be disclosed for illegal purposes. Hence, the data must be protected and safeguarded.

Fair and Accurate Credit Transactions Act (FACTA) law helps in reducing the risk of identity theft. It regulates consumer financial account information. It prevents data breaches in bank accounts, credit details, and more. Failing to comply with this rule can result in serious consequences such as Reputational loss and hefty penalty on financial institutions like banks.

The Sarbanes-Oxley Act (SOX) helps in protecting investors from fraudulent accounting activities by reputational corporations. It also includes financial disclosure requirements. This law protects the rights of investors in a very efficient way. Companies found guilty would not be spared under this law.

The USA Patriot Act is an effective action to protect the nation from acts of terrorism. The law is helpful for government agencies to regulate, detect, and prevent possible malicious activities within the boundaries of the country.

The Identity Theft and Penalty Enhancement Act is a very strict action for criminals who steal identities for illegal purposes. A minimum of five years in prison and cash penalties for committing such an offensive crime.

Following the steps of Western countries, Dubai and UAE organizations have taken measures to prevent the unfortunate incidents of data breaches. The state has devised privacy laws to be complied with by every organization in Dubai-UAE. These laws are expected to be regulated to protect the rights of the consumers and benefit them.

Dubai, UAE also follows particular data privacy guidelines. The DIFC and data protection regulations are the head in charge of maintaining data security. The 2020 law of DIFC is very similar to the European GDPR. The law holds the organizations accountable for the leak of information or data breaches within the organization. The data protection officer, DPO, is appointed for keeping an eye on the document processing and control. All the organizations, employees, representatives, and individuals are responsible for abiding by the law.

Violations of any of the provisions can lead to problematic consequences. The loss of reputation and finances are unavoidable.

Protect Business without Compromises

Companies can enhance their productivity and also maintain security policies in their organizations by adopting simple measures.

Environment and pollution have been the concern of dedicated activists and environmentalists over the past few decades. However, many corporations are coming together to share this social responsibility for sustainable growth. For every tonne of paper that is recycled, we save 17 trees that can absorb 250 lbs of carbon dioxide every year. Around 400 gallons of oil, 4000 kW of energy, 3 yd.³ of landfill space, and 7000 gallons of water is saved. With such a bewildering sustainability plan, corporations must participate in recycling programs. Even with the upcoming environment- friendly projects, small and large businesses should dedicatedly come together and take the recycling process seriously. It can be a very crucial step for reducing the environmental impacts. Shred every single piece of paper lying in your office by joining hands with a third-party shredding company.

It is a misnomer that most of the threats come from outside the organization, but it happens mostly due to human error from within your organization. The problem of errors and technical flaws is increasing day by day. Many businesses wish to secure their buildings from outsiders but often forget to invest in their security monitoring systems and document management.

One way to reduce information security breaches is to get rid of recycling bins or open bins for document disposal. Organizations must install a closed console for depositing unwanted private data. On getting filled with the documents, the consoles can be carried to the shredding trucks and the process of shedding can be carried out in a secure environment.

These two are the basic requirements for fulfilling the minimum for information security. Without compromising on productivity, security can be guaranteed, and vulnerabilities can be blocked.

Security Policies for Offices

Certain security policies can be adopted in offices which can result in a positive work environment and security of documents:

Establish a strong information security policy that covers all the major sectors of your organization
Inspire everyone from the top down for the commitment to manage and secure your business information
Regularly conduct assessments and security audits to identify loopholes and implement a secure document destruction program and its storage policies
Implement a total clean desk policy, and encourage employees to keep their offices and cabinets clean all the time
During remote working hours, limit the number of documents carried outside the working premises, minimize the use of electronic files
Do not throw away the unwanted private files into the Recycle bins directly but take them with you
Always keep the unencrypted electronic devices at safe lockers
Be ready for strict conduct in the offices regarding document management and storage
Join hands with third parties regarding information technology security and document security
Install CCTV cameras at public spaces such as cafeterias, printing areas, Sitting area, and more

Reputation maintenance

The cost of every single data breach is around $5.85 million. In the age of technology and social media, it is critical to save the reputation of your company. Reputation is very valuable for any organization. Losing it for once and all can be dangerous.

The reputation of any brand is significant for its business. If a firm is running successfully for long years of business, it tends to remain successful due to the enormous amount of reputation they build over the years. A good brand is always at the top-notch of a reputation as compared to its competitors. Therefore, it is essential to value the reputation when it comes to information security management.

An organization builds a reputation by establishing its positive relationship with the customers. If an organization delivers the jobs on time and in the best possible ways, good relationships themselves build. It is the customer that builds the confidence in an organization to consistently deliver its promises. As more and more customers join the journey of an organization, the reputation becomes larger and stronger.

Organizations often damage their reputation by betraying the trust of their customers. Betrayal doesn’t mean it has to deal with the normal promises the organization makes. It can be the unintentional losses caused to the customers from the side of the organization. In a situation where organizations are not mistaken, a sincere apology and honest revelation of the crisis can enhance their reputation. However, if a company is negligent about its duties and ignores the responsibilities, then the reputation is enormously damaged and the character of the company is tarnished.

Information security is a subset of customer trust. When a customer entrusts an organization and provides their private data to them, they expect to be appropriately treated. When a company has appropriate security policies in place, secure destruction of documents, well-trained employees, advanced technological security systems, and a breach doesn’t occur, the reputation stays in place. When an organization ignores all these basic legal requirements, the customers fall vulnerable to data breach threats. In an event of a security breach, the mismanaged organization does not have a solution to counter the problem. In this scenario, the customer feels betrayed and loses interest in the organization.

There are many difficult challenges faced by an organization during reputation maintenance. Much of the organization's private and customer data is available on the internet for public access and stays there forever. Any silent head girl or information thieves can easily access this data and use it for wrongful activities. When a breach occurs, the news spreads like fire on the social media platforms. Even before encountering the problem at the organizational level, the world gets access to the event details through networking. Hence, organizations should adopt steps to prevent reputation losses.

These challenges can be met with preventive business steps with pro-activeness. Each Organisation should take information security very seriously, which means adopting privacy laws and staying compliant with the state laws on data privacy. Only through implementation of the robust policies and situation control back up plan, organizations can save their reputation.

What the Experts Say

Many experts believe that the most probable reason for data breaches is the inadequate Data security systems to protect consumer credit card and personal information. Hence, the consequences of such a breach are very negative publicity that costs the customer's reputation. In such a case, the customers should be immediately notified about the breach and remedial measures must be adopted by them.

Another way is to adopt newer and faster technology to reduce the risk. Getting control over applications and reducing the vulnerabilities have become important. Companies must hire experts and professional information technology teams to take care of their technical data. Cyberattacks are the prevailing threats for businesses. The electronic devices and documents regarding the personal data of a business are stolen frequently. Malicious spam, emails, phishing software, and hacking attempts are the methods via which infiltrators get into the network systems.

According to the experts, the risk of internal fraud is way more dangerous than third party infiltration. The workers within the organization have physical access to documents, electronic devices, software, Computer systems, and more. They have adequate and appropriate knowledge about the internal control and the working protocol of the company. The interior workforce can intentionally and unintentionally harm the company in several ways.

Experts claim that businesses must protect themselves by introducing privacy policies and encrypting confidential data. They also focus on keeping the data only for as long as it is needed. Every business, big or small, is equally vulnerable to data breach and information theft. With the rise in the competition in the market, everyone wishes to grow with acceleration. The purse suit of growth can make them negligent towards the internal aspects such as information security.

Most of the businesses are not ready to deal with frauds and infiltration daily. Most businesses rely on transactions and forms of balances to function. Very close supervision on all the internal controls is necessary to prevent frauds and thefts. Many times it is possible that the finances are not balanced well. In such a situation, the infiltrators get the chance to break in and pose risks to your finances. Hence, regular assessments and adjustments are the only way to prevent the frauds in the day to day operations.

Some critical elements should be developed to fight fraud with efficacy. These elements include launching anti-fraud programs and policies that guide the employees about the expected behavior and standards.

Communicating with the employees to clearly instruct them about the policies and understanding the risk associated with frauds.

Conducting regular risk assessments and internal audits can help in the subsequent reduction of threats.

Closely monitoring and supervising the internal control systems and the efficiency of operating by a critical head.

Implementation of a response plan in fraud situations and dealing with losses. Coming up with backup plans to recover the losses and other precious recoveries.

The one and lost significant aspect that every company can do is communicate about the fraud risks within the organization. Communication opens the door to understand the risks and empowers the employees to battle with wrongful people in righteous ways.

How EndoShred protect you?

EndoShred can be your third-party security partner since we meet every challenge that any organization can face with the growing amount of private data. With the latest and advanced information security services we ensure to protect your documents, build trust in your customers, and enhance your business.

We at EndoShred provide all the possible solutions for safeguarding the data, enhancing the reputation, and connecting more customers to your company. Partner with us to experience the management of confidential documents in simple and easy ways.

What do we provide?

How we assist in compliance with privacy laws?

When you decide to partner with us, you make the best decision. The methodology adopted by us is completely regulated according to the privacy laws.

Benefits of partnering with us

Why choose us?

Well trained officers for shredding

We have considerable experience of shredding for the companies in UAE. We are leading in this industry of information security due to the expertise we offer. The trained and well-informed officers execute the task of shredding documents on the spot/office premises. They are well-uninformed and know their business quite well. They shall collect the locked consoles and carry them towards the shredding truck. The entire process is done in a secretive way. You are welcome to watch the destruction happening.

All-rounder services

For us, it doesn’t matter if you are a small scale or a larger scale business. We consider document security as the primary concern. Any document or data that needs shredding, would be done by us with utmost dedication and sincerity. We have won the trust of hundreds of customers across the nation. The continued excellence in services that we provide makes us unique from the rest of the shredding companies.

Customer-friendly experience

We are 100% committed to serving you in the best possible ways. Our work is serious while our staff remains friendly at the same time. We take your permission and time to execute the processes of shedding. Our customers have had a very pleasant experience in the past. Due to the friendly behavior of our workers, the working environment becomes friendly too.

Ease in customization

We offer customers the services they wish to avail. There is a wide choice between the services that we provide. You can get rid of the documents, get rid of the electronic devices or the hard disk containing confidential data in very simple steps. Choose any of the shredding methods according to the data you wish to get rid of.

Schedule the shredding

We are just a call away. You can choose any date and any time as per your convenience and schedule. We send the shredding trucks to the workplace whenever required. The volunteers along the truck are available as per your need. You can book the date and time whenever you feel the need to get rid of the confidential trash.

Sources:

All of the statistics provided (unless otherwise stated) are from the Shred-it 2014

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