January 28th is International Data Protection Day, a date that reinforces the importance of ensuring security and privacy in the digital world. This is a topic that gains even more relevance with the growth of PIX (Brazil's instant payment system), Open Finance, and the use of financial applications such as PicPay, Nubank, and Mercado Pago, which are transforming the way we interact with digital services.
PIX, for example, is already the most widespread payment method among Brazilians. The instant payment service, created by the Central Bank (BC), is used by 76.4% of the population. Next come debit cards (69.1%) and cash (68.9%). The data is from the research "The Brazilian and their Relationship with Money," published by the BC.
Open Finance, in turn, reached 37 million consents in October 2024, with 99% from individuals, representing a 35% growth compared to the 27 million registered in the same period of 2023, according to the study "Evolution of Open Finance in Brazil," prepared by the international consulting firm BIP.
These advances reflect growing consumer confidence in sharing information in a structured and secure way. However, despite the benefits of data sharing, questions remain about how to do so securely in the financial market, while maintaining a balance between innovation and privacy.
“It is essential that both companies and consumers understand the importance of protecting data such as name, address, financial history, and consumption habits, ensuring compliance with the General Data Protection Law (LGPD),” mentions the expert and CEO of Lina Open X, Alan Mareines.
LGPD: 58% of companies increased their investments in security.
The LGPD (Brazilian General Data Protection Law) was created to regulate the use and protection of personal data, promoting privacy and security. However, a survey by PwC revealed that 58% of companies increased their investments in information security after the implementation of the legislation. This demonstrates that, despite the compliance process being underway, there is a growing awareness of the importance of protecting personal data.
Brazilian companies are making progress in adapting to the law, but still face significant challenges. According to a study by Logicalis, only 36% of organizations in Brazil claim to be fully compliant with the LGPD (Brazilian General Data Protection Law), while 43% are in the process of implementing measures to adapt to the code. Notably, 6% of companies have not yet initiated specific actions for compliance.
“Adapting to the LGPD (Brazilian General Data Protection Law) brings several challenges for companies, such as the need to revise internal policies, train employees, and implement new data protection technologies. These measures are essential to prevent information leaks and ensure consumer trust,” analyzes Mareines, CEO of Lina Open X.
According to Mareines, consumers have a vital role in protecting their data. "It's crucial that they are aware of their rights, such as the right to access, correct, and delete their data, as well as adopting good practices when sharing personal information, such as verifying the legitimacy of companies and using secure channels," she explains.
How to share data securely?
To share information securely, it's essential to adopt best practices. First and foremost, ensure that the websites and applications you use are trustworthy and employ encryption technologies. You can verify this by checking if the address starts with "https" and if there is a padlock icon in the navigation bar.
In addition, carefully read the privacy policies to understand how your data will be collected, stored, and used. Prioritize services that are transparent and clear about these practices.
Adjust privacy settings on platforms and devices to control what information is shared and with whom. Whenever possible, enable two-factor authentication (2FA) to add an extra layer of protection to your accounts. It's also important to create unique and strong passwords for each account and, if necessary, use a password manager to organize them securely.
Keep your devices and applications updated with the latest software versions and security patches. Avoid using public Wi-Fi networks to transmit personal data; opt for private connections or, if necessary, use a virtual private network (VPN) to ensure a secure connection. Regularly review the permissions granted to applications on your device, authorizing access only to the information essential for their operation.
Be wary of emails, messages, and links that seem suspicious or ask for personal information. Always verify the sender's authenticity before sharing any data.
Make frequent backups of important files to ensure you can recover them in case of loss or cyberattack. In certain situations, consider using solutions such as digital wallets or authentication tokens to protect sensitive data.
Finally, stay up-to-date on modern security and privacy practices, keeping track of new threats and vulnerabilities. "By following these guidelines, it's possible to share information more securely, protecting privacy and significantly reducing the risks of exposure or misuse of personal data," Alan emphasizes.
10 benefits of sharing your data securely
Sharing personal information can offer a number of benefits for both consumers and businesses. According to research by Mastercard, while 60% of executives believe that consumers recognize advantages in sharing their data to obtain benefits, only 44% of users actually see value in it.
For businesses, data provides valuable insights into market trends and areas for improvement, contributing to the development of more innovative products and services. Consumers, in turn, can benefit in several ways by opting for the secure sharing of their information, such as:
1) Personalized services: shared data allows companies to tailor products and services to individual consumer preferences. A practical example is streaming platforms that suggest content based on the user's viewing history.
2) Discounts and rewards: many companies offer benefits such as coupons, exclusive promotions, or loyalty programs in exchange for customer information, encouraging their loyalty.
3) Improved user experience: data helps companies create more intuitive interfaces and functionalities that meet user expectations, enhancing the customer journey.
4) Exclusive access: some features or benefits, such as early access to exclusive releases and events, are only available to those who choose to share their information.
5) More relevant recommendations: based on the data, companies can suggest products and services that truly meet consumer needs, saving time and improving the experience.
6) Product and service improvement: feedback and usage data help companies identify flaws and areas for improvement, resulting in more efficient solutions tailored to user demands.
7) Enhanced security: Banks and digital services can use behavioral data to quickly detect fraud, as well as offer more secure and convenient authentication processes.
8) Personalized support: data sharing allows companies to offer faster and more effective technical support, tailoring solutions to the specific needs of each client.
9) Advances in health and well-being: In the medical field, shared data enables more accurate diagnoses, personalized treatments, and continuous monitoring, improving patients' quality of life.
10) Encouraging innovation: ethically collected data contributes to advances in technology and artificial intelligence, generating benefits that positively impact society as a whole.
“Understanding the importance of data sharing and adopting secure practices can bring numerous benefits, both for consumers and businesses, promoting a safer and more efficient digital environment,” concludes Mareines.
