Data Privacy Compliance Trends For 2023
Since the dawn of the Internet age, privacy has become an increasingly important issue. There is so much personal information circulating on computer networks. Protecting this data has become a duty.
Most companies must comply with HIPAA, GDPR, or some other industry- or location-specific privacy regulation. By the end of 2024, 75% of the world's population will have protected their personal data. They'll fall under one or more privacy regulations.
You don't have to be a large company to consider privacy compliance. It goes hand-in-hand with cybersecurity. In addition, data privacy requirements affect businesses of all sizes.
Between July 2020 and July 2021, breaches of the GDPR increased by 113.5%. The number of related fines also jumped, by 124.92%. For HIPAA violations, each incident can result in a fine ranging from $100 to $25,000.
It's important to prioritize data privacy and incorporate it into all of your data collection processes. When companies collect, send or store personally identifiable information (PII), it must be protected. This means that appropriate safeguards must be in place.
To meet your data privacy compliance obligations, you should also stay abreast of trends in this area. Next, we have compiled the most important data protection trends for 2023 that you should be aware of.
Approximately 40% of privacy compliance technologies require artificial intelligence (AI) to function. AI has undoubtedly made its way into many of the applications we use every day.
When you type Word in MS and the text comes up as a suggestion, that's AI predicting what you'll type next. If you edit a photo in Photoshop, you can now click a button to bring a smile to a frowning face. That, too, is the work of AI.
So it's no surprise that many of the algorithms responsible for protecting data are driven by AI. But what happens when there's a problem with AI?
This is the question that AI governance addresses. This is a new trend in data protection because AI has never been more prevalent in data processing.
Whenever AI is used in data protection, companies need to properly govern it. This can ensure that automated processes don't inadvertently expose sensitive data.
One trend we've seen in recent months is giving consumers more power when it comes to privacy. Many privacy regulations require that apps and websites provide data transparency. They need to tell people what data they collect, how they collect it and what they do with it. People also need a way out to get their data back.
These needs have led to data privacy becoming a "thing" for consumers UX You can think of this as a central privacy portal. A place where people can access privacy-related settings in various applications. This gives them a better overview of how their data is being used.
The pandemic has changed the global workforce forever. Many companies now operate fully remote offices. Or they use a mix of remote and in-office workers. The dramatic increase in home-based work has led to changes in data collection. Companies are increasing their monitoring of employees who work away from home.
However, this type of monitoring carries a lot of risk when it comes to data privacy. Companies need to ensure that they aren't interfering with the rights of their employees. This is especially important when monitoring employees' devices.
For example, about 49% of external employees use their personal computers for work. Companies often set up endpoint monitoring for security reasons. They need to ensure that they aren't collecting or backing up personal data. That would be data that belongs to the employee and not to the company.
One of the concerns when the social app TikTok became popular was about location. Since it was a China-based company, people worried about protecting their data. The data was originally stored on servers managed by the Chinese government. A country with very different privacy rules than the US and other countries.
Localization of data is becoming more common. More and more companies are paying attention to where their cloud data is stored. The location of a server is critical to the privacy rules and regulations to which it may be subject. As a result, companies and governments are now asking cloud providers one question. That question is, "Where will my data be stored?" Many want their data stored as close to home as possible.
Privacy-enhancing computing is a relatively new term. Using privacy-enhancing computation is one way AI supports cybersecurity. By using PEC as an integral part of software and applications, developers are providing value to their customers. They're addressing privacy concerns by automating more data protection.
Take a look for PEC components in data analytics when shopping for business tools.
What is the status of your data protection? Are you at risk of a penalty for lax controls? Give Onyx IT team a call! Onyx IT can help you with a compliance checkup.
Article used with permission from The Technology Press.