Enhanced Data Security with AI: Mitigating Cyber Risks and Ensuring Compliance in Modern Workflows

Cyberattacks are becoming more common, and strict rules about data privacy have put businesses in a tough spot. At the same time, attackers are going after corporate data more and more, and companies that don't protect customer and third-party data are getting harsh punishments from regulators. Businesses are facing more and more risks in this situation, such as losing trade secrets, having their reputations hurt, getting fined by the government, and being sued.

To lower these risks, businesses need to improve the way they handle data, especially when working together on documents. Privacy controls that aren't strong enough can cause costly breaches that hurt both the company's bottom line and the value of its shares. RegTech (Regulatory Technology) is getting better, which is good news for businesses that want to protect your privacy. Artificial intelligence (AI) and natural language processing (NLP) are changing the way data is protected by automatically redacting personally identifiable information (PII) like Social Security numbers, banking data, as well as health records.

Cybercrime is becoming more common, which makes the need for strong data security even more clear. According to a study from the Identity Theft Resource Center, there have been 78% more reported data breaches in the U.S. Cybercriminals are mainly interested in identity-related fraud. The cyber threat environment is also getting worse because of things like ransomware gangs, cloud misconfigurations, and supply-chain attacks.

Traditional ways of redacting, like using a Sharpie to black out private information by hand or using tools in Microsoft Word, are slow and prone to mistakes. AI-powered solutions, on the other hand, are more accurate and faster, and they greatly reduce the need for manual work and the risk of exposure.

Using AI-based erasure tools has many benefits, such as making sure you follow global privacy laws like GDPR and HIPAA. Even though AI speeds up the process, human oversight is still needed to make sure the best protection.

Source : fastcompany.com