Data privacy is a part of the data protection that deals with the proper handling of data
The year 2020 marks a significant concern over data management. Businesses faced severe technological challenges with growing innovations which altogether triggered the concept of data privacy. Companies had to shift to emerging technologies, and at the same time, keep a tab on data privacy in the organization.
Data privacy is a part of the data protection area that deals with the proper handling of data. This includes how data should be collected, stored and shared with any third-parties, as well as compliance with the applicable privacy laws. Data privacy is not blocking data and disposing it without use, it is more about properly utilising data while protecting the privacy preferences of individuals.
When companies started functioning online, people showed more concern over data privacy. The issue of privacy breach has made a significant spotlight in the news. This could lead people to adopt a safer form of data privacy policies in 2021. As the ideas and trends in data security evolve, some changes will be accelerated while others might get replaced. Working systems have to embrace the changes to run the show.
International data privacy outlook will intensify
The famous video sharing app Tik Tok made most of the tech headlines for many days in 2020 so far. The reason behind this is the lenient data privacy norms and alleged intrusion of the Chinese government in the system. After all the issue, people are well aware of the importance of data privacy. They are valuing their personal data and denying any reason that comes behind a company’s carelessness towards data privacy. The events in 2020 might put an end to the prolonged international regulations to safeguard laymen’s private data. China has already announced new security standards and asked other countries to follow.
The EU General Data Protection Regulation (GDPR) is set to become the most influential data protection legislation worldwide. Some other countries have similar data privacy laws like GDPR which protects the people’s data constitutionally.
- Brazil’s Lei Geral de Proteçao de Dados(LGPD)
- The Privacy Amendment (Notifiable Data Breaches) to Australia’s Privacy Act
- Japan’s Act on Protection of Personal Information
- South Korea’s Personal Information Protection Act
Ultimately, more counties are expected to either join hands with international data privacy committees or for new laws within the country to keep a check on privacy issues. This will ease tension and move past security doubts.
The importance of transparency will increase
In the age of data economy, true company value lies in the collected data assets that are worthy of protecting and keeping. However, people expect these private players to keep in mind that data is just borrowed and never be owned. Privacy laws enable individuals to exercise their rights in certain circumstances by providing the provision to take back ownership of data. Henceforth, in order to hold up data and trust, organizations need to ensure data transparency by openly communicating on what data they collect, and the purpose and uses behind it.
Governments aren’t the only ones that will expect more tech companies’ privacy standards. Since people had a bitter year in experiencing multiple mobile applications being banned by the government over security reasons, commoners will also demand privacy and transparency.
According to a PwC Poll, 84% of consumers said they would switch services if they think a company’s data system is fragile. In 2012, companies that are transparent about how they use data will likely be more successful.
Security automation will take center stage
The increasing furor over data security could be soothed using automation technology. The pandemic related complications have gapped the normal security checks. The only solution that organisations have in hand now is data security automation. Security automation is the machine-based execution of security actions with the power to programmatically detect, investigate and remediate cyberthreats without human intervention. The system will identify incoming threats, triaging and prioritizing alerts as they emerge.
Cybersecurity will have to become more flexible as many businesses are changing the way they operate. Automating security processing using AI tools will help companies to achieve the flexibility level. Even though when security AI is at the beginning stage, it is predicted to take off on a large scale in 2021.
Security data analytics will be highly adopted
Already, big data analysis is considered a data asset in many organisations. In 2021, it will become a standard practice with more companies using them to improve their data privacy measures. Data analytics could highlight operational improvements, showing companies how to better their data security performance.
Major companies like Nintendo and Marriott’s experience in data breaches this year have propelled business institutions to not follow their footsteps. Ultimately, keeping all these in mind, data analytics will be a crucial step companies take in 2021.
Third-party assessments will become critical
Consumers will be more specific of companies giving their data to third-party access. Businesses will be pushed to consider their third-party partners and perform more risk assessments. A survey conducted by Soha Systems on third-party risk management found that 63% of all data breaches were attributed to third-party vendors. The study also found that only 2% of respondents consider third-party access amongst their top IT priorities.
Enormous third-party data breaches like General Electronics, T-mobile, Entercom, etc. have revealed the importance of not having a loose end to an alien in the system. Customers will expect businesses to hold their partners to higher standards to avoid these risks.
In a nutshell
Notable scandals in the modern tech era have put people on their heels demanding for a prominent data privacy framework. Implementing data privacy measures might initially have hurdles, disruption and confusion. But eventually, companies will find it useful and stick to the bottom line. This will take both people and companies to a data secure 2021.