How can companies balance the need for collecting and storing customer data for business purposes with the increasing importance of protecting that data from cyber threats in today's digital landscape?

Companies can balance the need for collecting and storing customer data for business purposes with protecting that data from cyber threats by implementing robust security measures such as encryption, access controls, and regular security audits. They can also prioritize data minimization by only collecting necessary information and regularly reviewing and deleting outdated data. Additionally, companies should invest in employee training to ensure that all staff members are aware of best practices for data protection and cybersecurity. Ultimately, a comprehensive and proactive approach to data security is essential in today's digital landscape to maintain customer trust and comply with data protection regulations.