How can companies effectively balance the need for collecting and storing customer information for business purposes with the responsibility of protecting that information from cyber threats in today's digital age?

Companies can effectively balance the need for collecting and storing customer information for business purposes with protecting that information from cyber threats by implementing robust data security measures such as encryption, access controls, and regular security audits. They should also prioritize transparency with customers about how their information is being used and stored, as well as obtaining explicit consent for data collection. Additionally, companies should stay informed about the latest cyber threats and continuously update their security protocols to adapt to evolving risks in today's digital age.