The privacy landscape is changing continuously, so businesses need to ensure the systems and processes are ready for the new trends in data privacy.
In 2023, companies must focus on protecting their data while meeting compliance and regulations. With increasing awareness, a single wrong step can lead to user distrust, adversely influencing the company’s profits. To keep up the pace, businesses need to know a few data privacy trends in 2023.
Increasing Data Localization Laws
Increasing data localization law is gaining attention since it reflects standards for storing and processing data in the country of origin. As per a recent report by Gartner, “Gartner Identifies Top Five Trends in Privacy Through 2024”, 75% of the population will have personalized data covered under privacy regulations globally. While some countries do not have data localization laws, they have strict rules to govern international data transfer. For global companies, it is mandatory to comply with numerous data privacy laws in all countries they operate in.
So, companies must follow regulations on cross-border privacy guidelines to initiate data transfer to a third country from one country to another. These regulations include Binding Corporate Rules (BCR), which are for businesses and their data transfers, while contract clauses like Standard Contractual Clauses (SCC) are pre-approved by the European Commission. As per the SCCs, companies in the EU need to perform Transfer Impact Assessments (TIAs) to ensure the party receiving data has adequate data privacy regulations in place.
Also Read: Proactive Data Access Governance Key to Data Protection, Security, and Privacy
Cookies Will Crumble
As first-party data increases and third-party data dies out, users have become more careful of the data. Numerous companies are moving towards adopting a cookie-less future using standard tools for tracking and targeting users. Some companies are exploring biometric validation to monitor and track the user without cookies, while some businesses are testing privacy-enhancing technologies as a secure path for tracking users.
Acceleration in Transparency
Higher awareness of data is essential to allow transparency in data privacy, ensuring businesses are accountable for data collection and use practices. In 2023, companies will allow individuals to access, correct, and eliminate personal information to opt out of data collection processes. This builds trust and bolsters a sense of accountability and transparency.
Privacy by Design
Privacy was not given much importance in developing new products and services. Businesses will soon realize that incorporating privacy into their products and services is essential and can be considered a rewarding practice in the market. In 2023, a noticeable shift can be observed where businesses adopt a “privacy by design” approach to prioritize user privacy at every developmental stage.
Privacy-Focused Technologies and Surge in Data Complaints
With consumers getting more conscious about online privacy, there will be an increase in the technologies that focus on privacy. These technologies range from safe applications and browsers to virtual private networks (VPNs). Businesses need to understand that these tools will help in securing the data. However, it is crucial to be extra vigilant to ensure the data is secured.
Users have become aware of the privacy regulations and rights to protect confidential data. As they exercise their rights to understand and handle the personal data collected by businesses, a significant surge will be observed in requests and complaints.
Increase in Data Privacy Jobs
With increasing changes in the regulatory landscape, there will be more data security opportunities in 2023. The myth that AI will replace skilled jobs is debunked here.
Interestingly, new skill certifications in IT security have come up to meet the demand for data safety positions. This demand will also see an uptick in 2023.
Digital Transformation
Digital technologies provide a new way for businesses to function. These tools increase data generated by managed service providers (MSPs) to store, manage and secure. This data must be easily accessible from anywhere, and MSPs and vendors will help navigate any issues. Companies need help in migrating data and deploying critical applications in cloud platforms. Due to digitally transformed processes, backup providers will continue to sharpen their skills in varied technologies for better collaboration opportunities with clients.
Also Read: Microsoft and Mitre’s new tool simulates attacks on machine learning systems
Backup-as-a-Service (BaaS) and Recovery-as-a-Service (DRaaS)
Cloud adoption will cause even more changes in the deployment and management of applications over the next few years. At the same time, businesses have relied mainly on BaaS providers to secure crucial business data. An increase in this trend will continue as companies build disaster recovery strategies in the growing threat landscape and collaborate with trustworthy partners like the MSPs who can increase productivity during disaster recovery. MSPs efficiently host the client’s backup and essential applications. While businesses adopt SaaS platforms, the BaaS includes SaaS protection in cases of accidental elimination and other malicious threats with complete backup immutability.
More Prominent Artificial Intelligence Laws
An EU artificial intelligence act is set to trend in 2023. This law will split AI applications into three risk factors: unacceptable, high, and low. Unacceptable risk includes social scoring applications likely to be used by the government. Hence, these applications will be restricted. High risk includes CV assessment tools that will be tracked and monitored regularly. Furthermore, AI does not explicitly address low-risk applications.
Businesses must develop strategies to resonate with these privacy trends. Businesses must work to create a streamlined data management system, operationalize privacy, and ensure transparency. A simplified data management strategy will maintain information security controls by regularly monitoring the activities while ensuring compliance with all national regulations.
Additionally, operationalizing privacy will alert violations minimizing human errors by handling vast amounts of data. Furthermore, greater transparency will ensure adequate consent, preference, and cookie management. These strategies increase customer trust and accelerate faster growth which will help businesses to end up on top in the coming year.
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