When businesses are in the process of negotiating international deals, they often share confidential information with each other. This may include financial data, business operations or inventory figures. By putting in place procedures to safeguard sensitive information businesses can keep trust with their counterparts and avoid leaks.
Based on the risk level, different protocols are available to secure this data. Highly sensitive data poses the risk of a significant loss for an individual or organization in the event of a breach and should be restricted to the authorized personnel to handle it. This includes personally identifiable information (PII) as well as confidential employee data and board documents.
Moderate sensitivity data contains information for which there is an obligation under law to guard, however the disclosure of this kind of information can only lead to small harm to the people and organizations concerned. This includes information about construction plans, donor records, and information on IT services.
Business executives are increasingly concerned about the security of sensitive files in international transactions. These files are considered the crown jewels of a company and pose a heightened risk to fall into the wrong hands because they contain monetary information, personal data or operating secrets. If they are stolen, misused, or accessed in a way that is illegal, this kind of information can impact the country’s security, federal programs and the privacy rights that individuals are entitled to under the Privacy Act. This type of information can also be referred to as controlled nonclassified information (CUI). To ensure the security of these files, business must ensure that they are tagged, cataloged and stored effectively across boundaries.
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