Since the internet age began, data privacy has become increasingly important. Computer networks are awash in personal information. Keeping it safe has become a necessity.
Most companies are required to comply with privacy regulations based on GDPR, industry-specific or local laws. It is estimated that 75% of the world's population will have their personal data protected by the year 2024. In most cases, it will be covered by at least one privacy regulation.
Compliance with data privacy regulations doesn't have to be the top priority of a large enterprise organization. Having a strong cybersecurity strategy goes hand in hand with it. Moreover, privacy requirements apply to companies of all sizes.
Data privacy violations increased between July 2020 and July 2021. As a result, more fines were incurred. Penalties for GPDR violations in the United Kingdom can go up to £17.5 million or 4 per cent of annual global turnover - whichever is greater, per incident.
Data privacy must be an important consideration in all data collection processes. In order to protect Personally Identifiable Information (PII), companies must collect, send, and store it securely. As a result, adequate safeguards must be put in place.
As part of your privacy compliance obligations, you should also keep up with trends in this area. Following that, we've outlined the biggest trends in data privacy in 2023 that you should be aware of.
What's New in Data Privacy Compliance?
AI Governance
An estimated 40% of privacy compliance technology relies on artificial intelligence (AI). The use of artificial intelligence has certainly made its way into many of our daily lives.
In MS Word, when text appears as a suggestion, that's artificial intelligence predicting what you'll type next. A frowned face can now be made to smile when working in Photoshop. AI is also at work here.
It's not surprising that AI runs many algorithms that keep data safe. What happens when AI has a problem?
This is the question AI governance seeks to answer. There has never been a time when AI has been so prevalent throughout the data journey as now.
Whenever AI is used in data protection, organizations must regulate it properly. As a result, sensitive data won't be accidentally exposed during automated processes.
Consumer Privacy UX
Over the past several months, consumers have become more empowered when it comes to privacy. Many privacy regulations require apps and websites to provide transparency about their data. They must explain what data they collect, how they collect it, and what they do with it. Also, people need a way to retrieve their data.
Consumer privacy UX is becoming a "thing." You can think of this as a centralized privacy portal. Users can access privacy-related settings in various apps through this place. By doing this, they are able to better understand how their data is being used.
Increased Scrutiny of Remote Employee Monitoring
There has been a permanent change in the global workforce since the pandemic. Today, many companies operate entirely from remote offices. There may also be a mix of remote and office employees. Increasing numbers of people working from home have resulted in significant changes in how data is collected. Companies are increasing their monitoring of employees who work off-site.
However, this type of monitoring opens a can of worms when it comes to data privacy. It's imperative for organizations to ensure they aren't encroaching on their employees' rights. It is especially important to take this into account when setting up employee monitoring.
The majority of remote employees use their personal computers to do their work, for example. Security reasons often lead to companies monitoring endpoint devices. In addition, they must ensure they do not store or back up any personal information. In this case, the employee would own the data rather than the company.
Data Localization
A major concern when TikTok became popular was its location. As a result of the company's location in China, people were concerned about their privacy. The data was originally stored on Chinese government servers. This country's privacy laws differ greatly from those in other countries.
In the future, data localization will become more prevalent. It is becoming increasingly important for organizations to consider where their cloud data is stored. Depending on where a server is located, it may be subject to different privacy regulations. As a result, companies and governments are now seeking advice from cloud providers. The question is, “Where is my data stored?” Many people prefer to keep their data close to home.
Privacy-Enhancing Computation (PEC)
Privacy by design has a fairly wide audience. The use of privacy-enhancing computation is one way AI is helping cybersecurity. Software developers are providing value to clients through the integration of PEC into their software. Automated data protection addresses privacy concerns.
When shopping for business tools, look for PEC components.
When was the last time that you performed a compliance check?
How well do you protect the privacy of your data? Could you face a penalty for lax controls? Get in touch with us! Checking for compliance is something we can do for you.JTNDZGl2JTIwaWQlM0QlMjJzbGlkZUJ1dHRvbiUyMiUyMGNsYXNzJTNEJTIyc2lkZS1idXR0b24lMjIlM0VHZXQlMjBJbiUyMFRvdWNoJTNDJTJGZGl2JTNF
