Data-related ethical problems, such as data privacy and data theft, have increased in recent years. Security of personal information continues to be something that all businesses place at the forefront of their operations. The battle for cybersecurity has been going on for quite some time, and it appears that it will continue for some time.
Despite the slow pace of progress, one can confidently assert that there has been a significant improvement in the recent past. The following are some of the trends that you should be keeping an eye on to understand better what is going on in cybersecurity.
Consumers Demand Transparency
Many individuals have become more worried about their privacy due to breaches like the one at Equifax and ClixSense, which led to the exposure of millions of people’s personal information. According to Cisco research, over half of customers would transfer businesses due to data rules or data sharing practices. Suppose a business fails to keep the privacy of its customers’ personal information safe. In that case, that company will lose the confidence of their consumers, and they will seek out a different company where they feel more at ease with revealing their personal information.
To this day, information, data privacy, and security issues have remained a consistent problem that we’ve tracked every year computers begin to power up. As the stakes rise, so do the social impact and the technical difficulty. Trust may be built via openness, but doing so takes time and cannot be accomplished with consumers’ previous purchasing patterns disturbed by the worldwide epidemic.
On the other hand, by 2023, businesses that gain and keep the confidence of their customers in the digital economy will experience a 30% boost in their digital commerce earnings compared to their rivals.
More Companies are Investing in Privacy Technology
Keeping current with new and existing global data privacy laws may be difficult, as we’ve seen with the GDPR and the CCPA. Every time a new law is enacted, businesses are faced with the difficulty of figuring out how to meet both their compliance requirements and the ever-increasing need for personal information from customers. More companies will start investing and incorporating privacy-enhancing technology into their compliance processes to keep pace with the shifting legal environment in 2021.
In this example, data governance needs that include automating compliance processes, generating sophisticated mapping services, and even evaluating and fulfilling consumer demands can be met with privacy-based technologies and tools like encryption algorithms, subterfuge, de-identification, etc. Furthermore, because companies may build up processes that integrate product development with compliance, these private information technologies allow teams to enhance communication and cooperation while also centralizing privacy and risk management activities. Today, it’s recommended to invest in various data protection and services, just like reliable network penetration testing.
The number of companies expected to use automation to improve staff productivity is predicted to rise to 70% by 2021, while privacy-driven expenditure on compliance tools is predicted to be about $8 billion by 2022. Privacy will be harder to come by in the next several years, which means new technologies will be necessary.
Support for the Growing Remote Workforce
Businesses across the globe were compelled to alter their existing ways of doing business in the early stages of the COVID-19 epidemic. As companies began cutting costs and many workers opted to work from home due to the economic downturn, they suddenly found themselves dealing with guarding against privacy and cybersecurity concerns as well as upgrading their infrastructure.
Several companies have reopened in terms of being open for business, and their workers have begun returning to work. Still, the general trend is towards maintaining a more permanent remote work option. More and more large corporations, such as Facebook and Google, have already offered employees the ability to work from home until at least the summer of 2021.
Transitioning to a remote workforce that is located across the world requires implementing more up-to-date security procedures that guard against the transmission of personal data, data storage problems, and the increased risk of a data breach resulting from phishing attempts. Companies will start using the advantages of a wholly or partly remote workforce and implementing long-term strategies.
A year packed with upheaval, 2020 proved to be a year of continuous transition. It was marked by companies being compelled to adapt to a new normal; 2021 will continue to be a year of change. It is expected that not only will data privacy laws continue to develop, but so too will privacy threats, difficulties, and technological advancements. The companies who fully embrace these developments in the following years will be better equipped to face the challenges of the data privacy environment in 2021.