How can companies balance the need for collecting and storing valuable customer data with the responsibility of protecting that data from potential cyber threats?

Companies can balance the need for collecting and storing valuable customer data with the responsibility of protecting that data from potential cyber threats by implementing strong data security measures such as encryption, access controls, and regular security audits. They can also ensure compliance with data protection regulations such as GDPR and CCPA to safeguard customer information. Additionally, companies can educate employees on best practices for handling sensitive data and invest in cybersecurity training to mitigate risks of cyber threats. By adopting a proactive approach to data security, companies can effectively manage the balance between collecting valuable customer data and protecting it from potential cyber threats.