Data privacy has become a crucial issue since the rise of the internet. With personal information being constantly transmitted through computer networks, it is essential to protect it. Companies must abide by privacy regulations such as HIPAA, GDPR, or local regulations. By 2024, 75% of the world's population will have their personal data protected by one or more privacy laws.
Small and large companies alike must prioritize data privacy and ensure that they factor it into their data collection processes. In 2020-2021, GDPR violations increased by 113.5%, leading to an increase in fines by 124.92%. HIPAA violations can result in penalties ranging from $100 to $25,000.
To stay compliant, companies must have adequate safeguards in place when collecting, sending, or storing personally identifiable information (PII). They must also keep up with the latest trends in data privacy. Here are the biggest data privacy trends in 2023:
- AI Governance: Approximately 40% of privacy compliance technology uses AI. AI is being used to protect data, but it raises questions about what happens if the AI fails. AI governance addresses these concerns by ensuring that automated processes don't compromise sensitive data.
- Consumer Privacy UX: Privacy regulations require apps and websites to be transparent about data collection, usage, and storage. This has led to the development of consumer privacy UX, which provides a central portal for privacy-related settings in various apps.
- Increased Scrutiny of Remote Employee Monitoring: The pandemic has shifted the global workforce to remote work. As a result, companies are monitoring their remote employees more closely. However, this raises privacy concerns about monitoring employees' personal devices and data.
- Data Localization: With the popularity of social app TikTok, data localization has become a concern. Companies want their data to be stored as close to home as possible to ensure that it falls under the privacy regulations of their country.
- Privacy-Enhancing Computation (PEC): PEC is a new trend in data privacy where AI helps in data protection by making it more automated. PEC components can be found in data analytics tools when shopping for business software.
Has it been a while since you've had a compliance check? Our team is available to assist you and provide the necessary guidance. Contact us for a compliance checkup to ensure your data privacy protection is up to date.