Data Privacy Trends That Could Impact Your Compliance
As a Richmond, VA Managed Services Provider, we understand the importance of data privacy in today’s digital age. With the increasing amount of personal information being shared through computer networks, protecting it has become a mandate for companies of all sizes.Compliance with regulations such as HIPAA and GDPR is crucial, as violations can result in hefty fines. In fact, by the end of 2024, 75% of the world’s population will have their personal data protected. It will fall under one or more privacy regulations.You don’t need to be a large enterprise organization to have data privacy compliance at the top of your mind. It goes hand in hand with cybersecurity. Additionally, privacy requirements hit all sized companies.Between July 2020 and July 2021, GDPR violations rose by 113.5%. The number of associated fines also jumped, by 124.92%. When it comes to HIPAA violations, each incident can carry a penalty between $100 to $25,000.It’s important to make data privacy a priority and factor it into all your data collection processes. When companies collect, send, or store personally identifiable information (PII) it needs protection. This means putting adequate safeguards in place.To stay on top of your privacy compliance obligations, you should also keep up with trends in this area. Next up, we’ve documented the biggest data privacy trends happening in 2023 that you should be aware of.
What’s Happening in Data Privacy Compliance?
In addition to compliance, it’s important to keep up with trends in data privacy.Approximately 40% of privacy compliance technology needs artificial intelligence (AI) to operate. AI has certainly made its way into many of the applications we use on a daily basis.When you’re typing in MS Word and text just springs up as a suggestion, that’s AI predicting what you’ll type next. When working on a photograph in Photoshop, you can now click a button to give a frowning face a smile. This is also the work of AI.However, with the increasing use of AI comes the need for proper governance to address potential issues and ensure that automated processes do not inadvertently expose sensitive data.This is why AI governance is becoming an important trend in data privacy, as it addresses the growing prevalence of AI throughout the data journey.To ensure the proper protection of data, organizations must govern their use of AI in data protection to prevent accidental exposure of sensitive information.
Consumer Data Privacy UX
Recent months have seen an increase in consumer control over privacy. Compliance with privacy regulations, such as data transparency and data retrieval options, has led to the rise of user-friendly privacy experiences.This includes UX elements such as centralized privacy portals where individuals can easily access and manage privacy settings across multiple apps, resulting in greater visibility and understanding of how their data is being used.
Increased Scrutiny of Remote Employee Monitoring to Maintain Data Privacy
The COVID-19 pandemic has significantly impacted the way companies operate, with an increasing number of employees working remotely. As a result, businesses have had to adapt their data collection methods, including monitoring employees working off-site.However, this shift has also raised concerns about data privacy, particularly when it comes to monitoring employee devices. Organizations must ensure that they are not violating the rights of their staff, particularly when implementing endpoint device monitoring for security purposes.It’s important for companies to make sure that they are not gathering or backing up any personal data that belongs to the employee and not the company.For example, approximately 49% of remote employees use their personal computers for work. Companies often put endpoint device monitoring in place for security reasons. They need to ensure they are not gathering or backing up any personal data. That would be data owned by the employee and not the company.
One of the concerns when the social app TikTok became popular relates to location. With the firm being a China-based company, people worried about the privacy of their data. The data was originally stored on servers governed by the Chinese government. A country with very different data privacy rules than the US and other countries.Data localization is going to become more prevalent. Increasingly organizations look at where their cloud data is being stored. Where a server resides governs the privacy rules and regulations that it may fall under. Thus, companies and governments are now asking a question of cloud providers. This is, “Where is my data stored?” Many want their data to be as close to home as possible.
Data Privacy-Enhancing Computation (PEC)
Data privacy by design is a relatively new concept that emphasizes the integration of privacy considerations into the development and design of software and apps.One way that artificial intelligence is assisting with this is through the use of privacy-enhancing computation (PEC). By incorporating PEC as a built-in component, developers are able to provide added value to their clients by addressing privacy concerns in a more automated manner.This approach not only helps to protect sensitive data, but it also helps to increase trust and credibility with customers.When looking for business tools, such as data analytics software, it’s important to consider the use of PEC components. By choosing software and apps that have built-in PEC, you can ensure that your data is protected and that your privacy concerns are being addressed.This can help to mitigate the risks associated with data breaches and other security threats, while also providing a better user experience for your customers
Don’t wait to ensure your business’s compliance with data privacy regulations.
Are you confident in your data protection measures? A compliance checkup can help identify and address any potential vulnerabilities before they lead to penalties.Contact us today to schedule your compliance checkup and safeguard your business against data privacy risks.