Spoiler alert: a lot has changed in the past year and a half. The ways we shop, eat, celebrate, educate, and travel will be forever changed after March of 2020. Perhaps the most widely experienced change has been the shift from office-based to home-based employee work. The remote work setup has raised concerns about data privacy now that company data security is in the hands of everyday employees. Many businesses must look for new solutions to best strengthen their virtual private networks (VPNs).
Let’s face it, a vast majority of home-based workers either do not employ safe data sharing practices or are not aware of them at all. Many companies are left vulnerable to data leaks and cyber-attacks. To keep your business data safe, it is important to comply with the new normal trends and regulations that cover privacy. Here are the data trends that you should watch out for this year.
1. Global Data Privacy Regulations Continue to Expand
The introduction of the General Data Protection Regulation (GDPR) in 2018 ushered in a whole new era of data protection and privacy in more than 60 jurisdictions worldwide. This is not merely a trend that businesses and organizations ought to keep up with, but it is an impending requirement that they must comply with. Failure to do so could entail steep penalties for companies and compensation for data subjects.
One of the repercussions of the GDPR is the decrease in the amount of data that businesses are allowed to store. Under this regulation, companies and organizations must delete personal information that they have collected when they no longer need it. In addition, they need clear consent from the data subjects before they can process and store their information.
To demonstrate GDPR compliance, companies and organizations must be able to delegate data protection responsibilities to their staff, as well as maintain proper documentation of the data they are collecting and using. Moreover, they have to train their employees in implementing security measures and have established contracts with third parties that process data for them. Data storage must become more efficient, protected, and managed than ever before.
2. Data Privacy Transparency Demanded by Consumers
As more and more data breaches occur, there is a growing demand among consumers for data privacy transparency. Customers now have increased awareness of their rights and the cost of their data. Companies that fail to address these concerns will find themselves losing customers to competitors that create an environment where consumers feel more comfortable sharing their personal information.
Online shopping has been steadily rising for years, but the pandemic has brought online marketplace activity to all-time highs. Because there are now more people who use the web for purchase, businesses are advised to take significant steps to establish and maintain digital trust with their customers. Secure data policies, data sharing practices, and privacy-enhancing technologies are now vital to the health and growth of a company.
3. Third-Party Risk Management
Another trend brought about by the GDPR is the heightened focus on third-party risk management and risk assessment. This means that businesses and organizations will have to be more careful in choosing the third parties that they work with in order to prevent personal data breach. There are now more rules to be followed when it comes to sharing consumers’ personal information with third parties and how the latter can use or sell information. One of these rules is having Data Processing Agreement contracts in place for third-party companies that you hire to process data for you.
More organizations are foreseen to incorporate privacy frameworks to prevent potential data risks and comply with data regulations. Leveraging companies that provide managed network security can help businesses strengthen their privacy program and achieve compliance with the GDPR.
Ensuring data privacy of consumers and complying with the GDPR can help businesses solidify their consumers’ trust in them. It is also important to keep abreast with these trends so that they will be better able to address their customers’ concerns and retain loyalty. Remember that companies that fail to provide consumers with the safety that they demand could end up with dwindling customers and profit. You can protect your company from data risks by investing in privacy technologies, managed IT services, and data security.[addtoany]