As the digital age continues to evolve, safeguarding consumer data has become a major priority. From financial records and health information to online passwords – personal details are being transferred around the globe at lightning speeds, raising the stakes for establishing robust security protocols that protect individual privacy.
By the year 2024, an impressive three-quarters of humanity will have their personal data safeguarded by one or more stringent privacy regulations. Companies around the world must adhere to rules such as HIPAA and GDPR designed to protect individuals’ intimate information – a fitting testament to our forever evolving concern for security in this digital age.
No matter how big or small a business is, data privacy and cybersecurity must be core concerns. As the stakes in keeping sensitive information secure keep rising, organizations of any size will need to prioritize meeting complex regulatory standards – otherwise they may face significant consequences if compliance requirements are not met.
In the span of one year, GDPR violations surged dramatically – a 113.5% rise in incidence with an even more substantial jump in fines (124.92%). This can be particularly devastating to organizations when it comes to HIPAA compliance; just one infraction could incur penalties ranging from $100 all the way up to 25K!
Data privacy should be top-of-mind for all organizations, especially those that handle sensitive information. It’s vital to ensure adequate measures are taken when collecting, transferring or preserving any personally identifiable data – after all security is of utmost importance!
It’s essential to proactively stay ahead of the curve when it comes to data privacy compliance. As we approach 2023, there are powerful trends emerging that must be on your radar for maximum protection and success in this field. Our report outlines these key developments so you can remain up-to-date with all things related to data privacy!
Data privacy compliance is more important than ever
AI Governance
From voice recognition to facial recognition, AI is no longer just the stuff of futuristic science fiction – it’s a real and integral part of how we protect our privacy. Around 40% of compliance tech solutions rely on artificial intelligence for operation, proving that this cutting-edge technology has become an essential tool in today’s data protection landscape..
With the power of AI, Microsoft Word can actually read your mind; providing predictions about what words you plan to type before you write them. This same technology is also behind modern photo editing wizards like Photoshop allowing us to give formerly frowning faces an instant smile with just a single click!
With AI powering so many data security protocols, what would happen if something were to go awry? How can we ensure that our systems stay safe in a world where machines make all the rules?
AI governance is the hot topic of discussion as we explore new ways to protect data privacy – a challenge that has been amplified by modern advances in artificial intelligence. We must work together to ensure our personal information stays safe and secure, so it’s no wonder why this trend continues on its upward trajectory!
Companies must use due diligence when utilizing Artificial Intelligence in order to guarantee that their confidential information remains secure and out of reach. Without proper governance, automated processes could unwittingly reveal highly sensitive data – a risk not worth taking.
Consumer Privacy UX
In recent months, we’ve seen an upswing in giving people more control over their data privacy. From new regulations that hold apps and websites accountable for the specifics of what user info they collect to offering individuals a way to get their information back from those same sources – it’s becoming easier than ever for consumers to protect themselves online.
In response to the growing demand for privacy, tech companies have created a user-friendly hub allowing people better control over their data. This centralized portal – dubbed “consumer privacy UX” – contains substantial tools where users can view and adjust details of how their info is handled in different applications.
Increased Scrutiny of Remote Employee Monitoring
The global workforce has drastically shifted in light of the pandemic, with many organizations now mainly relying on remote staff. As a result, companies have had to adjust their data collection efforts to better monitor employees who are no longer at an office space. This further diversifies work life as we know it and brings forth new challenges for employers everywhere.
The global workforce has drastically shifted in light of the pandemic, with many organizations now mainly relying on remote staff. As a result, companies have had to adjust their data collection efforts to better monitor employees who are no longer at an office space. This further diversifies work life as we know it and brings forth new challenges for employers everywhere.
With the rise of remote work, over nearly half of employees are leveraging their own devices to get the job done. Companies need to ensure secure data practices by using endpoint device monitoring and protecting against any inadvertent collection or backup of personal information owned by individuals rather than businesses.
By utilizing data localization
When the social app TikTok rose to prominence, a major source of unease was its Chinese origins. Despite being used by millions across the globe, data gathered on this platform resided in servers subject to Chinese law – laws that can be drastically different from our own when it comes to online privacy and protection of personal information.
As cloud technology has advanced, organizations are beginning to ask the important question of providers: where is my data? Companies and governments alike want their online information housed as nearby as possible in order to comply with local privacy regulations.
Therefore, data localization – storing digital assets closer to home-base – will become increasingly prevalent across all industries.
With developments in Privacy-Enhancing Computation (PEC)
AI is revolutionizing the way developers approach data privacy and security, with a new term – ‘Data Privacy by Design.’ By incorporating Privacy-Enhancing Computation (PEC) into software and applications as an industry standard component, businesses can provide their clients with automated safeguards to protect valuable data. Don’t just settle for the first business tool you find.
Have you taken a good look at your compliance procedures recently?
Don’t risk a costly penalty—call us for help with your data privacy! We’ll give you the peace of mind that comes from knowing you’re compliant and safe. Give us a call now to schedule your compliance checkup.
Comments