Three fourths of human population will be covered by data regulations

• By 2024, the private data of almost three fourths of the world’s human population will be covered by stringent privacy regulations.
  
• The rising demand for privacy rights and transparency will create a centralized privacy user experience (UX) and enterprises will drive their own effective privacy programmes.
  
• Over the next one year, a large number of organizations will include a Data Privacy or Protection Officer in its CXO suite.

A recent report by Gartner, Top Trends in Privacy Driving Your Business Through 2024, has set the path for trends in data privacy and protection for the enterprise over the next two years. The report works on the fact that data regulations will cover information about 75% of the global population over the next two years.

“By year-end 2024, Gartner predicts that 75% of the world’s population will have its data covered under modern privacy regulations. This regulatory evolution has been the dominant catalyst for the operationalization of privacy,” said Nader Henein, VP Analyst at Gartner.

“Since most organizations do not have a dedicated privacy practice, the responsibility for operationalizing these requirements is passed onto technology, more specifically security, under the umbrella of the CISO’s office.”

In this period, companies will need to budget for data privacy at an annual average of more than $2.5 million. This would include privacy programmes, technology, and skills to ensure compliance with increasingly strict regulations. The focus will need to be on these aspects:

Data Localization

This will be a critical focus since privacy laws seem to be heterogeneous, and the context of privacy will need to be relevant to the country of operation. Since the launch of GDPR in 2018, over 60 jurisdictions globally have enacted or proposed privacy and data protection laws; countries that include Argentina, Australia, Brazil, Egypt, India, Indonesia, Japan, Kenya, Mexico, Nigeria, Panama, the US, Singapore and Thailand, and counting. Data localization will allow for the laws to be enforced as applicable in any particular region. This will increasingly become the priority for data privacy planning.

Use of Privacy-Enhancing Computation (PEC)

With the increasing proliferation of AI models and the complexity of data gathered through these channels, a tool for safer data processing and analyzing data will be desirable. This would help overcome the challenges due to multiparty data sharing, working with data from risky origins or doubtful bases. Gartner states that PEC will be commonly used over the next two years in large companies for business analytics, intelligence, or computing analytics.

Adoption of AI Governance

AI-based modules have been found very efficient for data analytics but research has shown an increased risk of data privacy breaches through them. Most of the AI processing in companies today takes very little cognizance of the data leakages it might inadvertently allow. The need of the hour is strict AI regulations and governance, and enterprises are becoming aware of this need very fast. Over the next two years, companies will bring together all aspects of data privacy and integrate them into a single, easily manageable, and transparent UX portal for data and consent management. By 2023, a third of all organizations will have adopted this strategy. One of the basic tasks of enterprise infrastructure will be a platform that will be handling the requests and the processes for consent and preference management (CPM).

CXO Reshuffle in the New Normal

As the world opens up after two years of the pandemic, the surfeit of data-driven by rapid and urgent digital transformations across the board- will need a whole new paradigm to handle privacy. In addition to the CPM and PEC, there will be the Chief Privacy Officer (CPO) or the Chief Data Privacy Officer, to manage the entire nine yards of data privacy- compliances, tools, technologies, customer connections, and safe business analytics. The new role is now beginning to take shape over the next two years, it will be a normal designation.

The Advent of Data-protection-as-a-Service (DPaaS)

Leveraging the panic around the gargantuan volumes of data being generated by unplanned and in many cases, knee-jerk digitization, many companies are now offering a Ready-to-go Data Protection Kit, as a service model. The market for DPaaS is expected to touch USD 19 billion by 2026. The demand for this service will burgeon in the coming months, because of its inherent ability to offer scalable, flexible, agile data privacy and management tools, at optimized cost.

With privacy and security now taking the same path, there will also be rapid adoption of Data and Privacy management services.

As workplaces become hybrid for a much longer-term than earlier anticipated, the risks of data proliferation, as well as privacy of market or consumer data, have become much higher.

Over the last two years, companies have created their solutions to meet the challenge of data privacy and secure access, and over the next two years, they will reap the benefits of this foresight.
SEE ALSO:
Ola shuts it used car and quick commerce businesses
The third phase of analytics is in vogue and how is it working for organizations
Digital twins market to surge as e-tailers enhance their offerings