DATA SECURITY FOR BUDGETING AND FORECASTING PROCESS

Abstract

Data privacy refers to the appropriate use of data supplied to organizations for agreed-upon purposes. Customers' data should be adequate to meet their business requirements and wants; it should be accepted and supplied to them with full disclosure information. For failing to provide proper data privacy disclosure to clients, the Australian Federal Government continues to enforce penalties. Personal Identifiable Information (PII) is a term used to describe data collected in the banking and financial services industry. The confidentiality (protecting private information from unauthorized individuals), availability (providing timely access to information to authorized users), and integrity (protecting the accuracy, reliability, and validity of data and databases) of information are the primary concerns of information security. Computer security also includes issues such as authentication (ensuring that people using the system are who they say they are) and nonrepudiation (ensuring that a legitimate user cannot deny using the system). Firms must also be able to detect and fix data security breaches after they occur. As a result, information security refers to a set of actions aimed at safeguarding data and information systems.