Of all the possible topics of the digital world, data privacy has to be one of the most popular topics ever to be discussed. After all, in a world where information and data are shared, maintaining privacy is a concern many people share. For companies, the same story applies, where businesses worldwide spend a considerable amount of time, effort, and money trying to keep their data safe and sound from prying eyes and ears.
That being said, if you are a company looking to invest in data privacy solutions, here are the trends to be aware of:
1. Regulations Are Rising
With the introduction of the GDPR (General Data Protection Regulation), a new era of data privacy was introduced. GDPR has encouraged the government to create laws and regulations surrounding data privacy to create a more effective and cohesive law. A great example of this was what the European Union managed to do. They created a framework where companies are made responsible for data privacy.
While creating the perfect framework, rules, and laws are still far away, the GDPR has sparked the change. It is easy to say that data privacy will become a necessity for companies around the world.
2. Fines Are Becoming Heftier
No matter how many data privacy laws and regulations will be implemented on various businesses, one thing will always remain the same: transparency is vital. Through transparency, companies find success. Without it, they are on a one-way trip to failure.
The reason transparency is so important is the simple fact that without it, customers won’t have a reason to trust a business. Being transparent means that a business needs to tell its audience how exactly they are handling customer data. Also, being transparent means giving customers the choice of whether they want their information to be used in a specific way. Such efforts maintain a company’s reputation and trustworthiness, two priceless factors that can dictate a company’s success.
What is the outcome of a cyber security review?
There are many other data privacy trends to keep an eye out for in today’s business world. They include the increased importance of third-party risk management, the shifting of roles and responsibilities, and more. That being said, the trends we’ve mentioned here are already happening, and if you have yet to consider them when implementing data privacy solutions, you must. Doing so will help you manage your data much more effectively and keep customers and authorities happy!
Need help staying on top of data privacy? Rabbon is a cybersecurity consulting firm offering services to various organisations to reduce their cyber risks and more. If you are looking for Data Privacy Consulting , reach out to us today!
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Rabbon is a Cybersecurity company based with offices in Sydney and Melbourne. We lead a team of Cyber security Consultants and GRC Consultants, who help organisations become cyber resilient by providing access to effective and affordable cybersecurity services. We believe that “Cybersecurity is for everyone“
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