Data privacy: Five trends around how your data is being protected

Data privacy: Five trends around how your data is being protected

As our world becomes increasingly more digital, every online interaction leaves a trail of personal data. Protecting this data has been the aim of scores of regulations enacted across the world in recent years, and we’re likely to see an increasing investment of time, energy and resources into data privacy over the next few years.

Data privacy is a form of data protection that deals with the correct handling of personal information. It focuses on the rights of individuals and the way organisations collect, process, store, manage and share personal data. Not only does data privacy deal with the way information is handled it also looks at what rights individuals have to privacy and their information protected.

Here are five daTa privacy mega Trends To look ouT for:

1. increased regulation

The EU has been at the forefront of data privacy reform since the General Data Protection Regulation (GDPR) was passed in 2018, with the aim of creating a safer digital ecosystem through consumer protections.

Since 2018, more than 60 countries have enacted or proposed privacy or data protection laws. This is set to increase, with around 80% of the world’s population likely to have its personal information covered by privacy regulations in the next few years, according to a Ready Assess report by Price Waterhouse Cooper.The continent has also seen a proliferation of data privacy regulations, with Kenya, Mauritius, Nigeria, Rwanda, South Africa, Uganda, Zimbabwe and others implementing new laws or reforming older legal frameworks.

These new regulations will equate to new challenges for businesses, especially as data privacyimpacts fields such as advertising and marketing. The regulations are likely to be increasingly difficult for businesses trading internationally to navigate, with different territories having different legislations in place.

Companies will increasingly need high-demand staff trained in sTem disciplines, law and ethics

2. Talent shortage

As data privacy demand grows, so will the demand for people who can apply complex privacy requirements to business problems. This is likely to see a talent shortage as companies begin to redesign their operations around trusted technology and data ethics standards.

Companies will increasingly need high-demand staff trained in STEM disciplines, law and ethics. As the fields of technology and law inform the data privacy regulations, software and hardware engineers will find they require privacy expertise, while lawyers will need to have a broader understanding of technology.

There is already a global of cybersecurity talent, including privacy professionals, and the increased demand for advanced skills could put further strain on the industry.

3. Digital trust first

With the increased focus on data privacy, consumers are expected to show preference towards companies that favour transparency in their data-sharing practices. Estimates are that around half of consumers are willing to switch companies because of their data-sharing policies.

Companies will find themselves having to relook at their data privacy policies in an effort to protect consumer data and retain their customers. This is important if they hope to maintain their revenue – those that maintain digital trust could see increased digital commerce profits compared to companies that don’t value data privacy.

For companies to keep their consumers’ trust, they will need to practice transparency by openly communicating how they process and manage personal data

4. increased investment in privacy technology

As companies work to meet changing data privacy regulations, and with the promise of retaining clients and increasing revenue, they will need to increase their investment in privacy technology. Estimates say that around 70% of companies will need to invest in programmes that include privacy-enhancing and automation technologies. The global spending could increase to around $8 billion globally as companies seek out more innovative technology to address challenges in the data privacy landscape.

5. data localisation

The move towards localising data appears to be growing, especially as the international transfer of data becomes more complicated under new regulations. Many countries are suggesting localisation as a way to protect data. They are implementing regulations that require data to be kept within a country’s borders and are becoming popular in new legislation.

This could hamper companies operating on an international scale, especially if they deal with sensitive data such as health information, as different regions have different

Data privacy impacts both individuals and businesses. Privacy laws seek to give people control over their data and empower them to choose how it is being used, by whom and for what reasons. To meet this growing demand from individuals, businesses need to look at the way they process personal data. Almost every company will interact with personal data at some point and will have to ensure they are compliant with regulations and have transparent processes in place.

Failure to do so could result not only in regulatory fines but also in the loss of customers and revenue.