15 Sep 2023 Trends in Data Privacy That Could Impact Your Compliance
Understanding the Importance of Data Privacy in Today’s Digital Age
Data privacy has rapidly evolved to be a cornerstone of the digital era. With the continuous flow of personal information across various networks, safeguarding this data is not just a preference but a necessity.
Global Emphasis on Data Protection
Many corporations are obligated to adhere to regulations such as HIPAA, GDPR, or other industry-specific or regional privacy guidelines. By 2024, it’s projected that three-quarters of the global population will be shielded under at least one of these regulations.
It’s a misconception that only large-scale businesses need to prioritize data privacy. In reality, data protection is synonymous with cybersecurity, impacting businesses of all scales. For instance, between July 2020 and July 2021, there was a staggering 113.5% increase in GDPR violations, and the penalties incurred soared by 124.92%. In the realm of HIPAA, each breach could result in fines ranging from $100 to a whopping $25,000.
Given these statistics, it’s clear that integrating data privacy into all data-related processes is crucial. Any activity involving the collection, transmission, or storage of personally identifiable information (PII) necessitates stringent security measures.
To navigate the intricate landscape of data privacy, staying abreast of the latest trends is imperative. Below are the prominent data privacy trends of 2023 that demand your attention.
AI’s Role in Data Privacy
A noteworthy 40% of privacy compliance technologies are now powered by artificial intelligence (AI). The influence of AI is evident, from text suggestions in MS Word to facial adjustments in Photoshop. As AI’s footprint in data protection grows, so does the need for effective AI governance.
The primary concern here is – what if the AI malfunctions? AI governance aims to address such potential pitfalls, ensuring automated processes don’t inadvertently jeopardize data.
Empowering Consumers Through Privacy UX
Recent trends highlight a shift towards granting consumers more control over their data. Regulations now mandate greater transparency from apps and websites regarding data handling. This has birthed the concept of consumer privacy UX – a unified platform where users can manage their data settings across applications, offering a clearer view of data utilization.
Remote Work and Privacy Challenges
The global work landscape has transformed post-pandemic, with many companies adopting a hybrid or fully remote model. This shift has, however, raised concerns about data collection, especially with increased surveillance of remote employees.
Around 49% of remote workers use personal devices for professional tasks. While companies may monitor these devices for security, they must tread cautiously to avoid infringing upon employees’ privacy rights.
The Significance of Data Localization
The rise of apps like TikTok, based in China, has intensified debates on data localization. The primary concern is the differing data protection norms across countries. Consequently, organizations are now more particular about their data’s storage location, often preferring local storage to ensure adherence to familiar privacy laws.
Introducing Privacy-Enhancing Computation (PEC)
Data privacy by design is a novel concept. PEC, an AI-driven approach, seeks to bolster cybersecurity by making data protection more inherent in software. When evaluating business tools, especially those related to data analytics, PEC integration is a feature to watch out for.
Time for a Privacy Health Check?
Are your data protection measures up to par, or are you vulnerable to hefty fines due to lax oversight? Don’t leave it to chance. Contact us for a comprehensive compliance assessment.
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