- Data Privacy
- Uploaded In: 2023
5 data privacy trends that will shape 2023
Data privacy is a discipline intended to keep data safe against improper access, theft, or loss. Without efficient cyber security management systems and detailed internal policies, companies; as well as their customers, employees and stakeholders remain vulnerable to data breaches.
Prompted by an uptick in global cybercrime over the past few years resulting in far-reaching accumulative losses., an increasing number of businesses across industries are coming to a better understanding of the importance of managing and protecting data this year.
Rise of privacy-focused tech
Researchers attribute this to several cost implications, including legal fees, regulatory and technical auditing, loss of brand equity, business interruption and the loss of turnover, as well as a drain on employee productivity. Over and above these financial losses, the potential reputational damage caused by a data breach could be detrimental to public and stakeholder confidence.
Considering the magnitude of this issue, businesses need to employ a two-pronged strategy. Firstly, as a matter of urgency, companies need to update and upgrade their cybersecurity systems in line with developments in the cybercrime arena. This should form part of consistent and regular 'cyber hygiene.' Secondly, business leaders need to adopt a proactive stance on bolstering their defences, keeping abreast of industry trends and developments, and anticipating the emergence of potential future threats.
Here are five of the leading data protection trends that will shape the future of data privacy in 2023:
Emphasis on privacy by design
Also, according to a report by IBM and Ponemon Institute, the average cost of a data breach touched a record high of USD $4.35 million in 2022.
Considered a post-development product phase until recently, companies are realising that privacy should be more than an afterthought from the beginning of every project. In 2023, this shift toward a “privacy by design” approach, which brings user privacy into every phase of the development process will become standard practice and improve the future health of businesses.
Rise of privacy-focused tech
As consumers become more concerned about their online privacy, there will be a surge in demand for technologies that prioritise privacy. This includes everything from secure messaging apps and browsers to virtual private networks (VPNs) and encrypted email services. It's important to note that while these tools can certainly help to protect data, they're not a silver bullet - organisations need to remain vigilant and conduct regular due diligence to ensure that their information remains secure.
Enhanced regulations
Since the ratification of the General Data Protection Regulation (GDPR) by the European Union in 2018, there has been a steady rise in restrictions and stringent regulatory policies around data privacy and protection with Governments around the world paying closer attention to cybercrime and concerns around data privacy.
This trend is likely to continue as more countries look to follow suit and close ranks against opportunistic cybercriminals. The United States, for example, is currently considering passing a federal data privacy law much like the GDPR. Other countries such as Canada, Australia, Japan, and India have also introduced; or are in the process of introducing, new data privacy laws. This includes giving individuals the ability to access, correct, or delete their personal information, and the ability to opt out of certain types of data collection.
Greater transparency
The trend towards greater transparency in data privacy is being driven by an increasing level of awareness around the importance of protecting personal information and the need for organisations to become more accountable for their data collection and use practices.
In 2023, organisations will begin to be more transparent about their data practices by providing individuals with more control over their personal data and how it is used and processed. This includes giving individuals the ability to access, correct, or delete their personal information, and the ability to opt-out of certain types of data collection.
Goodbye cookies
As first-party data becomes more significant and consumers become more conscious of their data, third-party cookies will soon become obsolete. Many companies are now looking to move towards a cookie-less future by implementing new technologies and methods for tracking and targeting users.
For example, some companies are exploring the use of browser fingerprints, which are unique identifiers that can be used to track users without the use of cookies. Others experimenting with the use of privacy-enhancing technologies to provide a more secure and private way of tracking users.
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