- By 2024, the private data of nearly three quarters of the world’s human population will be covered by strict privacy regulations.
- The growing demand for
privacy rightsand transparency will create a centralized user experience (UX) for privacy and companies will drive their own effective privacy programs.
- Over the next year, many organizations will include a privacy or data protection officer in their
A recent report from Gartner,
Top Privacy Trends Driving Your Business Through 2024has led the way in privacy and data protection trends for
“By the end of 2024, Gartner predicts that 75% of the world’s population will see their data covered by modern privacy regulations. This regulatory shift has been the primary catalyst for the operationalization of privacy” , said Nader Henein, VP Analyst at Gartner.
“Since most organizations do not have a dedicated privacy practice, the responsibility for operationalizing these requirements is shifted to technology, specifically security, under the umbrella of the CISO office.”
During this period, companies will need to budget data privacy at an annual average of more than $2.5 million. This would include privacy programs, technologies and skills to ensure compliance with increasingly stringent regulations. Emphasis should be placed on these aspects:
This will be a critical point since privacy laws appear to be heterogeneous, and the privacy context will need to be relevant to the country of operation. Since the launch of the GDPR in 2018, more than 60 jurisdictions around the world have adopted or proposed privacy and data protection laws; countries which include Argentina, Australia, Brazil, Egypt, India, Indonesia, Japan, Kenya, Mexico, Nigeria, Panama, United States, Singapore and Thailand , and more. The localization of the data will allow to apply the applicable laws in a particular region. This will increasingly become the priority of data privacy planning.
Using Privacy Shield Calculation (PEC)
With the increasing proliferation of AI models and the complexity of the data collected through these channels, a tool for safer data processing and analysis will be desirable. This would help overcome challenges due to multi-party data sharing, working with data of risky origin or dubious bases. Gartner says PEC will be commonly used over the next two years in large enterprises for business analytics, intelligence, or IT analytics.
Adopting AI governance
AI-based modules have proven to be very effective for data analysis, but research has shown an increased risk of data privacy breaches through them. Today, most AI processing in enterprises pay very little attention to data leaks that they might inadvertently allow. The need of the hour is strong AI regulation and governance, and companies are realizing this need very quickly. Over the next two years, companies will bring together all aspects of data privacy and integrate them into a single, easily manageable and transparent UX portal for data and consent management. By 2023, a third of all organizations will have adopted this strategy. One of the core tasks of the enterprise infrastructure will be a platform that handles consent and preference management (CPM) requests and processes.
Redesigning CXOs in the New Normal
As the world opens up after two years of pandemic, the data glut driven by rapid and urgent digital transformations at all levels will require a whole new paradigm for managing privacy. In addition to the CPM and PEC, there will be the Chief Privacy Officer (CPO) or Chief Data Privacy Officer, to manage all nine meters of data privacy – compliance, tools, technologies, customer connections and business analytics secured. The new role is now starting to take shape over the next two years it will be a normal designation.
The Rise of Data Protection as a Service (DPaaS)
Capitalizing on the panic surrounding the gargantuan volumes of data generated by unplanned and, in many cases, impulsive scanning, many companies are now offering an out-of-the-box data protection kit, as a service model. The DPaaS market is expected to reach $19 billion by 2026. The demand for this service will explode in the coming months, due to its inherent ability to offer scalable, flexible and agile data privacy and management tools. , at an optimized cost.
With privacy and security now going the same way, there will also be rapid adoption of data and privacy management services.
As workplaces become hybrid in the longer term than expected, the risks of data proliferation, as well as market or consumer data privacy, have become much higher.
Over the past two years, companies have created their solutions to meet the challenge of data privacy and securing access, and over the next two years, they will reap the rewards of that foresight.
Ola closes used car and fast trade businesses
The third phase of analytics is in vogue and how does it work for organizations
The digital twin market will explode as e-tailers improve their offers