Recruitment Data Is Gold! Are You Keeping It Safe?
Every day, businesses spend inordinate amounts of money on security and liability protection for their physical assets. Rarely, however, do we consider the security and protection of one of the most valuable assets a business may possess: data.
For an illustration of the value of data, consider a side-by-side comparison of Virgin Airlines and LinkedIn, two well established and publicly listed businesses, each worth billions of dollars. On the one hand, Virgin Airlines, which owns tangible assets such as physical aircrafts and airport licenses, is worth an estimated value of 5 Billion USD. As a contrast, LinkedIn, which simply holds information, was recently valued at over 7.5 Billion USD, showcasing the true value of data.
Recruitment agencies house massive quantities of contact information, work history, and financial details – a proverbial gold mine for cyber criminals. Both employers and job-seekers trust recruitment agencies to be diligent in collecting and protecting this data, yet many recruitment agencies are either not adequately informed or remain ignorant of their software provider’s data storage operations and security levels. Should recruitment data be vulnerable to security breaches, the consequences could be truly catastrophic for all parties involved. As a recruitment CRM software provider that houses such information, Bullhorn considers eliminating this threat a key priority.
The Parliament of Australia shares these concerns and has recently amended the Australian Data Privacy Act (1988) to enforce more stringent regulations around use, handling, disclosure, and storage of data. The amendment forces data-housing service providers to comply with a minimum data security standard and provide complete transparency into exactly where and how data is stored and processed.
For those who would like more information on this topic, Bullhorn CEO Art Papas recently published an article in which he writes, “We’re the ones waking up in the middle of the night worrying about every little threat so that, God forbid, our customers should never have to suffer the business damage a data breach could cause.”