A Framework for Addressing Data Concerns for Cooperatives

INTRODUCTION

Cooperatives accumulate tremendous volume of data in the performance of accounting processes. In today’s world, collecting data leads to inherent risks. Such risks include crimes from access to personal identifiable information (PII), commercial sabotage, ransomware, and a variety of other risks. In fact, there is a need to be concerned about losing physical control of that data with cloud services which increases the need for protection of sensitive data (Mouratidisa, 2013). In addition, concerns about the security and privacy of data have increased in recent years as working and living activities have become more digitally connected, personal data are more readily available, and the automatic collection of data through sensors and devices has become more common (Madden & Rainie, 2015). This article will look at risks that are similar and related to sensitive data.

But there are differences in the aspects of the data held by cooperatives. There are similar aspects of protecting sensitive data that include, security, privacy, and confidentiality. Security would include risks like cybercrimes such as ransomware. Ransomware is a cybercrime where the perpetrator encrypts the data of an entity and demands a ransom for the private key to decrypt the data. Privacy would include risks like personal information such as personal identifiable information (PII). Confidentiality would include risks like theft or misuse of restricted data on customers, payroll, or financial transactions (such as credit cards used to make payment).

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