Data protection tools keep changing with the latest data privacy requirements. To comply with them, businesses must ensure that systems process the right data under the new privacy regulations in 2024.
Stricter data privacy laws drive the increasing use of data security and privacy solutions. With the death of third-party cookies, data collation will transform. Newer methods of data will create more risks for privacy.
Additionally, almost all functions of industry today require the collation and analysis of customer data for actionable insights.
Gartner’s in Top Five Trends in Privacy Through 2024 says that by 2024, 75% of the global population will have its personal data covered under privacy regulations.
Brands must stay aware of privacy trends to avoid penalties and fines for data privacy risks.
Data Protection Trends 2024
with stricter data privacy regulations, firms must invest more in tech tools to protect data.
From the same report, Gartner also predicts that the average annual budget of large organizations for their privacy needs will go beyond $2.5 million by 2024.
So, according to the trends, organizations will have to increase investments in tools for protecting data privacy, even as the impact of threats rises.
Trend 1: Increasing Data Localization Laws
With some notable updates, data localization laws in 2024 will reflect rules to turn their approach to storing, processing, and managing data region-wise.
Organizations will have to consider using local data and match it with compliance costs.
It’s essential because personalization services are in demand.
So, companies will need to cater to individual customer data.
And for that, complying with local data privacy requirements to offer a great customer experience will be paramount.
Also Read: Challenges and Best Practices for Data Protection in the Cloud
Based on this, Gartner, from the same report, identifies that 75% of the population will have personalized data covered under privacy regulations globally.
Moving ahead, agility will be critical. This means teams must modify data storage and processing practices accordingly as data usage increases.
Also, this area will be important for making decisions regarding operations, costs, and resources required for maintaining data privacy.
However, adopting cloud server infrastructure will be essential for organizations processing data globally and making cross-border data transfers.
For this, they will need to keep insight-based records of types of data and data flows.
This will help companies to keep transparency among local data regulators to use data under localization laws.
Trend 2: Emergence of Advanced Encryption Technologies
Data protection ways will be more effective by integrating advanced encryption technologies. Customers appreciate it when their data is kept secret and the information is not exposed- encrypted data!
They trust and are loyal to Companies that practice strict privacy policies for using their data.
In 2024, the rise of quantum-resistant encryption algorithms will be key to use in encryption methods.
They are cryptographic and will turn readable data into secret versions.
Such data will become unreadable and can be safely shared across the internet, like websites, online marketing, and financial transactions.
This offers optimum levels of securing data processing and analysis.
Trend 3: Centralized Privacy User Experience (UX)
Customers appreciate companies that use their data transparently and gain consent before using it.
This aspect has increased customers’ expectations of how companies use their data information accurately.
Also, the aspect has driven the need for a centralized privacy user experience (UX) as a trend for 2024.
Companies in the future will have to ensure that their user experience elements in websites, apps, marketing activities and more have ethical methods to gain customer data.
This will be beneficial for companies when the internet is Cookieless! That is when first-party data will be a winning way for companies to get customer data in consent ways.
Privacy UX will include consent management and subject rights requests (SRR) handling in a self-service model.
It will be a significant cost-saving way to boost revenue from business operations like marketing.
Trend 4: AI-based Data Governance
Stronger data governance and security controls will be another priority for data teams in 2024.
The top priorities include modernizing data architectures with new concepts like data mesh.
This architecture will provide proper data protection and the flexibility to use data to drive value.
2024 State of Data Security Report by Immuta states:
- 80% of companies’ top priorities were data security initiatives, like stronger data governance and implementing AI-based protection tools.
- 88% of data professionals use AI, while 44% are confident that AI will govern data at scale through anomaly detection.
- 80% of data professionals believe that data protection capabilities are better due to AI models governing data and its usage across business processes.
Notably, 50% of data professionals also mentioned that their organization’s data protection strategy fails to keep up with AI’s rapid evolution.
However, companies will have to invest to match the pace of AI’s advancement if they want to protect their data in larger ways.
Governing data with AI can also pave ways to explore biometric validation of users’ data to monitor and track information.
For example, AI applications can obtain biometric information from users’ images and videos on the web to identify correct data.
This can help companies to store and manage authentic data information and easily update them whenever required.
Trend 5: Computation Techniques
Privacy-enhancing technologies (PET) will be rolling in 2024 with the rise of AI. PET technologies in 2024 will grow because:
– Homomorphic encryption: The method will make data encryptions more advanced and un-decodable. This will help businesses keep extremely crucial data, like financial and business data, safer.
– Federated learning: It will use machine learning models to produce a centralized location for data storage and restrict sharing and access capabilities.
– Multiparty computation: The method will allow multiple stakeholders to compute functions for data access without sharing its original formats and core information.
Conclusion
These data protection trends for 2024 will focus more on increasing customer trust with their companies.
By adhering to these trends, companies can see rising growth patterns.
The growth will depend on ways of data usage, storage, and processing methods. They will have to comply with the latest requirements under data privacy laws.
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