2018 can be marked as a crucial and founding year in the area of data privacy. Enforcement of the most strict data protection act till date- EU’s General Data Protection and Regulation (GDPR) set a global standard in data privacy. GDPR not only kept the businesses busy in restructuring their policies to comply but also started a wave of privacy updates and regulations across the globe.
Here are the top data privacy trends to look out for:
Spreading Privacy Regulations
In line with EU’s GDPR, California has introduced its data privacy law- CCPA (California Consumer Privacy Act). CCPA holds businesses in California accountable for how they collect, share and secure personal consumer data.
Following GDPR, 11 states of the US passed legislation to strengthen their data privacy laws. Other countries like Australia and Canada also followed suit in updating their consumer data privacy laws. Going forward, businesses should expect more of the same as the rest of the world also gears up in response to increasing public pressure against data breaches and exfiltration.
Securing Consumer Trust/ Empowering Consumer
Data breaches, cold call frauds, and data misuse cases in the past have eroded customer’s trust in organizations. To restore this trust, data privacy regulations are intending to empower consumers with the knowledge of what data is being gathered and what is the company doing with it. The regulations are giving more control to individuals by informing them about how their data is collected and used. In due course of time, the data privacy regulations will fortify consumers trust in organizations. This will lead to more consumers wanting to opt-in rather than opt-out.
Rise of Data Privacy Negligence Claims
With still many companies to abide by the data privacy regulations, there will be much room for individuals to highlight cases of misused or mishandled data. Since it is impossible for any organization to monitor the whole internet for breaches in policy, it will be the onus of the affected users to bring these incidences into the light. Also, there will be individuals trying to monetize the incidence and have a slice of the action.
Increase in Sophisticated Cyberattacks
As companies are restructuring their data protection policies, and with increased monetary stakes, cybercriminals are likely to use this opportunity to launch more targeted and sophisticated attacks. Using data from previous cyberattacks and publicly available data, sophisticated cybercrimes like vishing (voice phishing) and whaling (phishing email to VIP targets) will increase.
Companies Minimizing Stored Data/ Reducing Data Overload
Organizations have been collecting and storing personal data for many years now. Most of which have not been used and very likely will never be used in the future. This massive volume of personal data stored as back up or archives is susceptible in nature and hence more vulnerable to attacks. Due to the ever-growing & evolving threats and increased liability, companies will need to drain out and minimize the data they retain.