Final answer:
To protect data for a fiscal year, individuals should familiarize themselves with privacy rights, carefully read privacy policies, limit personal information sharing, use strong passwords, enable two-factor authentication, update software, and backup data. Organizations should use encryption, firewalls, network monitoring, employee training, and comply with industry standards.
Step-by-step explanation:
To protect data for a fiscal year, individuals and organizations must implement robust data security measures. Data protection involves safeguarding important financial information from unauthorized access, corruption, or theft. According to the Personal Data Notification & Protection Act of 2017, a security breach is defined as "a compromise of the security, confidentiality, or integrity of, or the loss of, computerized data that results in... (i) the unauthorized acquisition of sensitive personally identifiable information; or (ii) access to sensitive personally identifiable information that is for an unauthorized purpose, or in excess of authorization."
To prevent such breaches, individuals can exercise various safety measures, including familiarizing themselves with privacy rights, reading privacy policies carefully, and limiting the amount of personal information shared. In addition, using strong, unique passwords for different accounts, enabling two-factor authentication, regularly updating software to patch vulnerabilities, and making regular backups of important data are critical steps in protecting financial data.
For organizations, more stringent controls may be necessary such as encryption of data, implementation of firewalls, constant network monitoring, employee training on data security, and compliance with industry standards and regulations. These measures help ensure that financial information remains confidential and integral throughout the fiscal year.