How can companies balance the need for collecting and storing customer information with the responsibility of safeguarding that data against cyber threats and data breaches in today's digital era?

Companies can balance the need for collecting and storing customer information with safeguarding that data by implementing strong cybersecurity measures, such as encryption, firewalls, and regular security audits. They can also limit the amount of data collected to only what is necessary for business operations and ensure that data is stored securely using secure servers and access controls. Additionally, companies should provide regular employee training on data security best practices and have a response plan in place in case of a data breach to minimize the impact on customers.