Final answer:
The best statement reflecting a business's responsibility to protect personal information is that they are responsible for securing both employee and customer data. Robust security measures are imperative as data breaches can have severe consequences, including identity theft. Legal regulations like COPPA mandate business compliance with data privacy standards.
Step-by-step explanation:
The statement that best reflects the responsibility of a business to protect personal information is: Businesses are responsible for providing security measures to protect the information of both employees and customers. Businesses have a legal and ethical duty to safeguard the personal, financial, and medical information shared with them, including data about both customers and employees. With the growing threat of cyber attacks and data breaches, businesses must be vigilant in their efforts to prevent unauthorized access to this information. For instance, companies like JP Morgan and Verizon have faced data breaches that compromised the privacy and security of millions, emphasizing the need for robust security protocols.
People can take several steps to protect their own data, such as being familiar with their privacy rights, reading privacy policies, and being cautious about the information they share. When breaches occur, affected individuals may face the risk of identity theft, financial loss, or privacy invasion, actions that can have serious consequences. If their information is stolen, individuals should promptly report the theft, change passwords and security settings, monitor their accounts, and consider services that provide identity theft protection.
State and federal laws, such as the Children's Online Privacy Protection Act (COPPA) in the U.S., require businesses to comply with various standards for data privacy and security. These laws hold businesses accountable and help protect consumer information, while also giving individuals certain controls over their personal data. As the digital landscape evolves, so do the risks and responsibilities associated with data privacy and cybersecurity.