Video: Introduction to Confidentiality and Privacy

In this lesson, Nick Palazzolo, CPA, dives into the critical topics of confidentiality and privacy, emphasizing the significance of protecting personal and company data from unauthorized access. He discusses the differences between confidentiality and privacy, essential to understanding how to handle sensitive information effectively. Nick explores various methods to safeguard confidential data throughout the design, development, testing, and implementation of applications, highlighting techniques such as data obfuscation and tokenization. He also explains the concept of data loss prevention (DLP) and addresses the financial and operational impacts of data breaches. Furthermore, Nick outlines the necessary controls and data management practices to securely collect, process, store, transmit, and delete confidential data, ensuring compliance with privacy regulations. Through his engaging walkthroughs, he provides insights into the practical application of these concepts in real-world scenarios.

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Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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Let's dive into the fun of confidentiality and privacy, two items that we hold near and dear to our hearts because we are going to want to make sure that our personal data, our company's data does not get out there into the public. There are so many ramifications to that. Awful business reputation, penalties, fines, also just massive losses just within the company. So we want to explain encryption fundamentals, techniques and applications. How are we going to keep data confidential and private through encryption? We're going to recall the differences between confidentiality and privacy. So just these terms do sound similar, but what are the differences that we have to know for the exam? We want to identify the methods for the protection of confidential data during the design, development, testing, and implementation of applications that use confidential data, such as data obfuscation, tokenization. We also want to explain data loss prevention, DLP. What is that? We'll talk about what components there are as well. We want to identify financial and operational implications of a data breach. I mean, like I said, there's a lot of implications of a data breach. So super important to know that as well. Hopefully we don't have data breaches, but understanding what happens if you do have a data breach, super important. We want to determine controls and data management practices to securely collect, process, store, transmit, and delete confidential data or data subject to privacy regulations. We also want to detect deficiencies in the suitability or design. So what would this lesson be if it didn't bring up COSO or SOC 2 trust services criteria? Every single lesson brings up one of the two. Gotta love it. And then we want to perform a walkthrough of an organization's procedures relevant to

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Confidentiality, Privacy, & Incident Response

Module: 2 Concepts, 20 Videos

Confidentiality and Privacy - Overview

0:52

Introduction to Confidentiality and Privacy

2:24

Fundamentals of Encryption

3:29

Confidentiality vs. Privacy