As the internet age matured, data privacy became imperative. With such an abundance of sensitive information swarming through computer networks, safeguarding it has become a matter of paramount importance.
By 2024, it is anticipated that a whopping 75% of the world's population will have their personal data covered by one or more privacy regulations such as HIPAA and GDPR. These regulations require any organization that collects or stores Personally Identifiable Information (PII) to provide for securing this information. They often require informing persons that the data will be collected and allowing them to opt out.
More and more frequently, businesses must comply with these industry-specific or locality-based rules to protect their customer's confidential information.
Regardless of company size, data privacy compliance should always be at the forefront. It is fundamental to guarantee an optimal level of cybersecurity and meet any applicable requirements - small, medium, or large, no enterprise will be exempt!
Between July 2020 and July 2021, GDPR violations rose by 113.5%. The number of associated fines also jumped, by 124.92%. Regarding HIPAA violations, each incident can carry a penalty between $100 to $25,000.
It is of extreme importance to make data privacy paramount and integrate it into all of your data collection methods. To protect personally identifiable information that companies collect, send, or store, adequate safeguards are necessary. This requires setting up appropriate security measures for maximum protection against potential threats.
To guarantee compliance with all data privacy regulations, it is essential to remain abreast of the current trends. With that in mind, we have compiled this list of the most notable developments set to take place this year and next regarding data protection. Make sure you read up on them!
Stay Ahead of the Curve: Navigating Data Privacy Compliance
AI Governance
For 40% of all privacy compliance technology to be successful, AI is essential. We are now so accustomed to AI that it has become a daily part of our applications, from MS Word's predictive text suggestions to Photoshop's transformation of frowns into smiles with one click - this is all powered by Artificial Intelligence.
More and more businesses have found use cases for implementing Artificial Intelligence tools for activities they want to automate. However, what happens when something goes wrong in this system? So, it's no wonder that with the massive wave of AI usage, there are new sweeping data privacy initiatives being considered.
This is precisely where AI Governance steps in. This new trend ensures automated processes don't inadvertently expose sensitive information. The importance and need for proper governance whenever artificial intelligence is employed can not be underscored enough - organizations must govern AI systems carefully if they wish to protect their confidential data from malicious actors or any other attack vector.
Consumer Privacy User Experience (UX)
A trend that we’ve seen over the last several months is putting more privacy power into the consumer’s hands. Many privacy regulations require that apps and websites provide data transparency. They need to tell people what data they’re collecting, how they’re collecting it, and what they do with it. People also need an “out” to get their data back.
These needs have led to consumer privacy UX becoming a “thing.” You can think of this as a centralized privacy portal. A place people can access privacy-related settings in various apps. This gives better visibility into how their data is being used.
Increased Scrutiny of Remote Employee Monitoring
The COVID-19 pandemic has forever altered how we do business, with numerous businesses now offering a fully remote workplace or incorporating both in-office and at-home staff. This dramatic switch to more people operating remotely necessitates changes to data collection processes; as such, companies have had no choice but to increase their monitoring of employees working from off-site locations.
Companies can legally require remote workers to log in and utilize secure methods for work-from-home scenarios. They may even require verification that the employee is performing legitimate work tasks.
Nonetheless, when not done correctly, this type of monitoring can lead to serious privacy concerns. Companies have the responsibility to guarantee that they comply with all their employees' rights while using such practices on employee devices. It is therefore imperative for organizations to ensure that all data protection laws and regulations are strictly abided by to protect these vital human rights.
For instance, almost half of the remote employees prefer to employ their own computers for work. Companies often install endpoint device monitoring for security reasons. However, these monitoring tools must also prevent the accumulation and backup of any personal data owned by the employee rather than the company.
Data Location Considerations
With TikTok's growing presence, the issue of data privacy became a topic of concern. Since it is Chinese-owned and operated, users feared that their personal information would be stored on servers governed by China - a nation whose laws regarding data protection differ vastly from those in the United States and other countries.
As data localization becomes more prevalent, organizations are now assessing where their cloud information is kept. Where a server physically resides might determine the privacy rules and regulations it must abide by. This has resulted in companies and governments questioning cloud providers as to "Where is my data stored?". Many seek assurance that this information stays close to home at all times.
Privacy-Enhancing Computation (PEC)
When it comes to data privacy, you may have heard of the phrase "by design." But did you know that Artificial Intelligence is aiding cybersecurity through a method called Privacy-Enhancing Computation (PEC)? By incorporating PEC as an integrated element of software and applications, developers can provide their customers with greater efficiency in protecting sensitive data. As such, this form of automation could potentially mitigate any worries on the part of your consumers about security breaches or other potential threats against their private information.
When searching for business tools, be sure to take a look at PEC components in data analytics. Investing in the proper solutions will ensure you’re making informed decisions and reaping maximum benefits.
Do You Have Concerns About Your Compliance With Data Privacy Regulations?
How are your data privacy protections? Are you risking a penalty due to lax controls? Give us a call!
CITE clients can be assured that the technology side of compliance considerations for current and new regulations as they are developed will be part of the service stack delivered to them.
If you have reason to be concerned about the technology side of compliance requirements, please don't hesitate to reach out to us at https://citecloud.net.
