PII management is crucial for data security as it plays a critical role in safeguarding individual privacy. Personally Identifiable Information refers to data that can identify individuals, such as their name, address, and financial details. Mishandling PII can lead to identity theft, privacy violations, legal and regulatory penalties, reputational damage, and economic consequences. Regulations like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) emphasize the need for organizations to protect and responsibly handle PII.