Webbed: Are you sharing too much information online?
To access online platforms, be it for social or financial needs, we all end up sharing a lot of personal information. But where should we draw a line? How secure is your information in the digital world?
Companies are required to take security measures to stop breach of data shared by users. “As far as security goes, it is the responsibility of the platforms to secure the data and put checks in place to avoid any breach. One thing that all have to be clear about is that data security is not only of paramount importance for fintech companies but for any online platform where the individuals share data,” said Arun Ramamurthy, director, Credit Sudhaar.
Meanwhile, consumers should take the responsibility to understand what they are signing up for. “Users often do not see the ‘terms and conditions’ before they provide personal information to use free services and applications, not realising that they’re being subjected to huge risks. Users may trust institutions like banks that require the user to give confidential information like date of birth or PAN. While this information may not by misused by the institution itself, there’s always a possibility that its security may be compromised in the future, which could result in leakage of the information,” said Amit Jaju, executive director, forensic technology and discovery services, EY in India.
Firstly, you should know how your data is being used. “People need to be in complete control while sharing their details, whether it is on an online or an offline platform. Knowing how these details will be used should be their top priority. They should watch out for services that share the data with them, with third parties without giving a proper reason to do so in their privacy policy,” said Lizzie Chapman, CEO and co-founder, ZestMoney.
Next, you need to check the source. “Today, with the penetration of smartphones, users must ensure that the apps are downloaded only from secured sources like Play Store or Apple Store. Any application downloaded from unsecured sources can expose one to the peril of identity theft,” said Ramamurthy.
Also, remember that sharing data across social media platforms exposes it to attacks. “Social media platforms request users for access across other social media platforms used by the users, which enables them to collate personal information. This makes a user’s data even more easily available for an attacker to misuse and impersonate the user. The data is collected by organisations for provision of free services and applications use this to create databases for direct or indirect marketing.
And lastly, never disclose your password. “Fundamentals like downloading apps from authentic platforms, not sharing passwords, and ensuring every online transaction is secured with a onetime password (OTP) remain sacrosanct,” said Amit Nath, head of Asia-Pacific (corporate business) F-Secure.