New Year, Review GDPR
Posted on 9th January 2020 at 13:15
With the advent of 2020, we face the dawn of a new decade. The last decade was decidedly a game changer for data protection. Businesses and public sector alike saw a massive growth in the amount of personal data being constantly generated. The past decade saw several significant data breaches from well-known companies, such as Target, Yahoo, British Airways and Equifax to name a few.In the coming years, companies will need to find better ways to protect their data and ensure customer privacy.
Another defining feature in recent years was the increase in focus on a variety of new government data privacy regulations. Data privacy simply went into overdrive due in part to data mismanagement, as well as cyberattacks increasing in size, sophistication and cost. We saw the introduction of the GDPR, the most significant overall of regional national legislation ever with broad reach.
In 2020, organisations and their boards will increasingly acknowledge that data privacy is a differentiator. Apart from legal sanctions, the risk of reputational and brand damage, coupled with public mistrust, are all too apparent. Consumer trust and privacy are paramount, and the regulatory community will continue to face immense pressure to regulate in the face of media scrutiny and public opinion. The "responsible" organisation will embrace data privacy as a core value, and it will continue to be embedded into corporate culture and process.
Today’s lightning advances in technology in the fields of AI, automation and cloud services will herald in fundamental and complex changes in the way data protection unfolds. The organization that does not adjust to the new paradigm may not see the next decade.
A continued key trend in the coming years will remain third-party risk management. More robust outsourcing, vendor management and supply chain solutions in a pervasive digital age will be tactical and key to organizational strategy; therein lies considerable risk and exposure. Moreover, where breaches at the larger multinationals have dominated the landscape in recent times, their third-party relationships may prove more vulnerable in the coming years. Defending and proofing those supply chains in continual fashion will be critical. The GDPR requires it.
This content will only be shown when viewing the full post. Click on this text to edit it.
Share this post: