Data Privacy Week: Keeping personal information private and secure

Spradling and Kapil discuss similarities and differences between data privacy and cybersecurity

Editor’s note: In the rapidly evolving digital landscape, the concepts of data privacy and cybersecurity have gained paramount importance. While the terms are often used interchangeably, each embodies distinct principles and practices. Bread Financial’s Head of Privacy, Sarah Spradling, and Chief Information Security Officer, Gaurav Kapil, sat down during Data Privacy Week to discuss why understanding the similarities and differences between data privacy and cybersecurity is crucial for individuals and organizations striving to protect sensitive information in an increasingly connected world.  

What is data privacy and why is it such an important function at Bread Financial? 

Sarah: Data privacy relates to how personally identifiable information like a Social Security number, date of birth or address, is collected, stored and used. As a financial services company, collecting personal information is necessary for business, but we must also ensure we’re compliant with the latest laws and regulations in how we collect, use and share information.  

Is there a difference between privacy and security? 

Gaurav: Data privacy emphasizes consent, transparency and the responsible handling of data. Cybersecurity, on the other hand, has a broader scope, encompassing the protection of all types of data and systems from unauthorized access and attacks. It focuses on technical measures and defenses against cyber threats, such as phishing and ransomware. 

Sarah: That said, you cannot have one without the other. Identifying, assessing and mitigating risks associated with data breaches and cyber threats are critical to protecting information. Organizations must implement robust risk management frameworks to address vulnerabilities and ensure the protection of data. 

Bread Financial has tens of millions of customers. How does it ensure data privacy and security is always at the forefront of operations to protect its customers? 

Sarah: Bread Financial collects information needed to provide our products and services, but we are always looking to balance delivering personalized, best-in-class experiences without compromising privacy. Customers expect a seamless experience, but one that is also secure. There is a lot of work behind the scenes to ensure we can deliver both. 

We continually invest in training and tools to equip our associates with the skills and information they need to effectively implement our privacy framework. Additionally, we also closely monitor and track proposed privacy legislative and regulatory changes, as well as industry-related trends. From there, we will adjust the program accordingly to help ensure we adhere to regulatory requirements and maintain trust with our stakeholders. 

Gaurav: Both fields are governed by a myriad of regulations and standards, but our associates are the first line of defense. It is important that companies facilitate a culture of privacy and security that starts at the top.  

What are some current hot topics related to privacy and security? 

Gaurav: Generative AI is changing the ways in which we work, but it is also enhancing how we identify and respond to potential threats. The landscape is evolving quickly, and we must make sure we are balancing the opportunity with the risk. We established an AI governance council to help us review AI capabilities and find those that can make the biggest impact without compromising security. Bread Financial also prioritizes operational excellence, and we encourage associates to use technology and innovation to solve problems. 

Sarah: I second that. We are always looking to improve our business processes and customer service, including how to responsibly leverage AI. There is a lot of scrutiny from a regulatory perspective around leveraging customer data with AI, and rightfully so. Regardless of where it goes, we will continue to implement the same controls and oversight we always have regarding customer data.  

What is something you wish more consumers knew when keeping their information safe? 

Sarah: Taking time to understand the benefits and risks of sharing your information upfront can help you make a smarter decision. Quickly clicking “accept cookies” or creating a login through an existing account may be easier in the moment, but those actions could put your information more easily at risk. It is also a good idea to regularly review the app and privacy settings across your various devices and account as companies continually make changes regularly. 

Gaurav: Use long, complex and unique passwords for every account and change them often as data breaches are all too frequent. Don’t be afraid to leverage modern authentication and authorization capabilities offered by some of the leading technology providers; a password manager can be a great tool to generate and manage unique passwords. Also, it may feel like an unnecessary extra step but use multi-factor authentication whenever it's available.   

For more information on Bread Financial’s commitment to data privacy, click here.